{"F": {"ts_code": "300171.SZ", "name": "东富龙", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20110201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.03, "pe_ttm": 40.9885, "pb": 1.3478, "dv_ttm": 0.7789, "total_mv": 1074456.684, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.8, 46.1, 39.0, 35.3, 29.2, 29.3], "rev_series": [27.1, 41.9, 54.7, 56.4, 50.1, 52.3], "np_series": [4.6, 8.3, 8.5, 6.0, 1.9, 2.0], "roe_series": [13.7, 20.9, 14.4, 7.8, 2.5, 2.5], "period": "20260630", "rev_ttm": 53.4, "np_ttm": 2.6, "ocf_ttm": 5.5, "fcf_ttm": 3.8, "fcf_yield": 3.6, "ocf_yield": 5.1, "gm_median": 35.3, "gm_std": 6.3, "gm_stab": 0.82, "gm_chg_2022": -2.7, "npm_median": 11.5, "roe_median": 7.8, "commodity": false, "hard_ratio": 15.9, "fix_assets": 21.7, "goodwill_ratio": 1.2, "pb_calc": 1.35, "capex_dep": 1.15, "interest_debt": 1.1, "debt_ebitda": 0.2, "debt_ratio": 39.5, "debt_mv": 1.0, "payout": 30.3, "div_years": 5, "rev_cagr3": -1.5, "np_cagr3": -38.1, "rev_yoy": 4.4, "np_yoy": 134.5, "np_vol": 48.1, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["制剂装备事业部", 15.0], ["制剂事业部", 15.0], ["生物工艺装备及耗材事业部", 9.0]], "ret_prev_year": 19.3, "ret_prev2_year": -25.5, "ret_ytd": -10.2, "ret_pivot": 48.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": 30.3, "ret_120": -8.6, "ret_250": -7.6, "mdd_250": -40.6, "vol_250": 39.2, "pos_52w": 77.4}, "S": {"duration": 64, "pricing": 52, "hard": 25, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.0 倍、股息率 0.8%、毛利率近 5 年中位 35.3%、固定资产占比 16%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 16%,毛利率近 5 年中位 35.3%。", "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 3.6%(经营现金流/市值 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.3%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -2.7 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 16%,资本开支/折旧 1.15 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.0 倍 粗算,约 88%(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 39%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 9% / 30% / -9%。", "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%。", "东富龙:PE 比行业中位高 2.4倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 20.1个百分点;固定资产占比 比行业中位低 6.0个百分点。"]}}