{"F": {"ts_code": "002950.SZ", "name": "奥美医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20190311", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.79, "pe_ttm": 22.9477, "pb": 1.5072, "dv_ttm": 1.6142, "total_mv": 556640.3745, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.7, 30.1, 33.6, 27.9, 28.8, 28.6], "rev_series": [38.3, 29.3, 42.1, 27.6, 33.3, 36.7], "np_series": [11.6, 4.3, 4.1, 1.1, 3.7, 2.5], "roe_series": [46.7, 15.2, 13.9, 3.5, 11.1, 7.1], "period": "20260630", "rev_ttm": 38.3, "np_ttm": 2.4, "ocf_ttm": 3.3, "fcf_ttm": -0.2, "fcf_yield": -0.3, "ocf_yield": 6.0, "gm_median": 28.8, "gm_std": 2.1, "gm_stab": 0.93, "gm_chg_2022": -8.1, "npm_median": 9.6, "roe_median": 11.1, "commodity": false, "hard_ratio": 33.3, "fix_assets": 20.5, "goodwill_ratio": 1.6, "pb_calc": 1.51, "capex_dep": 1.61, "interest_debt": 12.3, "debt_ebitda": 1.4, "debt_ratio": 39.4, "debt_mv": 22.1, "payout": 15.5, "div_years": 5, "rev_cagr3": -4.5, "np_cagr3": -15.1, "rev_yoy": 9.7, "np_yoy": -3.2, "np_vol": 113.4, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["外科与伤口护理", 37.0], ["卫生护理用品", 4.0], ["卫生护理", 4.0]], "ret_prev_year": 26.4, "ret_prev2_year": -7.8, "ret_ytd": -18.4, "ret_pivot": 27.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": -0.8, "ret_120": -21.2, "ret_250": -7.7, "mdd_250": -41.0, "vol_250": 47.9, "pos_52w": 60.9}, "S": {"duration": 44, "pricing": 51, "hard": 53, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.9 倍、股息率 1.6%、毛利率近 5 年中位 28.8%、固定资产占比 33%、有息负债/EBITDA 1.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 33%),没有定价权:毛利率近 5 年中位 28.8%,稳定度 93%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.3%(经营现金流/市值 6.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -8.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 33%,资本开支/折旧 1.61 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.9 倍 粗算,约 78%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -8%,最大回撤 -41%,年化波动 48%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -7% / -1% / -21%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "奥美医疗:PE 比行业中位低 15.7倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 26.6个百分点;固定资产占比 比行业中位高 11.4个百分点。"]}}