{"F": {"ts_code": "300003.SZ", "name": "乐普医疗", "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": "创业板", "list_date": "20091030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.74, "pe_ttm": 28.086, "pb": 1.3198, "dv_ttm": 2.7726, "total_mv": 2164180.7152, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.0, 61.0, 62.5, 64.2, 60.9, 64.0], "rev_series": [80.4, 106.6, 106.1, 79.8, 61.0, 64.8], "np_series": [18.0, 17.2, 22.0, 12.6, 2.5, 9.6], "roe_series": [20.8, 16.1, 16.6, 8.1, 1.6, 6.1], "period": "20260630", "rev_ttm": 63.3, "np_ttm": 7.7, "ocf_ttm": 15.1, "fcf_ttm": 5.9, "fcf_yield": 2.7, "ocf_yield": 7.0, "gm_median": 62.5, "gm_std": 1.4, "gm_stab": 0.98, "gm_chg_2022": -4.5, "npm_median": 16.2, "roe_median": 8.1, "commodity": false, "hard_ratio": 14.3, "fix_assets": 37.4, "goodwill_ratio": 13.8, "pb_calc": 1.32, "capex_dep": 2.65, "interest_debt": 63.6, "debt_ebitda": 3.5, "debt_ratio": 31.7, "debt_mv": 29.4, "payout": 62.4, "div_years": 5, "rev_cagr3": -15.1, "np_cagr3": -24.1, "rev_yoy": -4.6, "np_yoy": -27.7, "np_vol": 131.0, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 11, "fwd_pe": 20.2, "fwd_pe2": 17.2, "fwd_g1": 39.0, "fwd_g2": 17.0, "peg": 1.19, "consensus_disp": null, "mainbz": [["外科器械产品", 35.0], ["医疗器械", 35.0], ["药品", 19.0], ["医疗服务及健康管理", 11.0]], "ret_prev_year": 43.8, "ret_prev2_year": -28.5, "ret_ytd": -25.0, "ret_pivot": 36.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.7, "ret_60": 3.9, "ret_120": -32.9, "ret_250": -42.2, "mdd_250": -44.4, "vol_250": 42.9, "pos_52w": 57.8}, "S": {"duration": 50, "pricing": 70, "hard": 23, "bondness": 69}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.1 倍、股息率 2.8%、毛利率近 5 年中位 62.5%、固定资产占比 14%、有息负债/EBITDA 3.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 62.5%),硬资产占比 14%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 2.7%(经营现金流/市值 7.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 62.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -4.5 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 14%,资本开支/折旧 2.65 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.1 倍 粗算,约 82%(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 -42%,最大回撤 -44%,年化波动 43%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -11% / 4% / -33%。", "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%。", "乐普医疗:PE 比行业中位低 10.5倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位高 7.1个百分点;固定资产占比 比行业中位低 7.6个百分点。"]}}