{"F": {"ts_code": "300206.SZ", "name": "理邦仪器", "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": "20110421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.79, "pe_ttm": 19.3589, "pb": 3.0894, "dv_ttm": 2.6378, "total_mv": 683423.1486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.4, 56.0, 56.2, 57.4, 57.9, 58.3], "rev_series": [23.2, 16.4, 17.4, 19.4, 18.3, 20.0], "np_series": [6.5, 2.3, 2.3, 2.2, 1.6, 3.1], "roe_series": [42.1, 13.1, 13.0, 11.6, 8.2, 14.6], "period": "20260630", "rev_ttm": 21.1, "np_ttm": 3.5, "ocf_ttm": 4.2, "fcf_ttm": 3.4, "fcf_yield": 5.0, "ocf_yield": 6.1, "gm_median": 57.4, "gm_std": 0.9, "gm_stab": 0.98, "gm_chg_2022": -3.2, "npm_median": 13.4, "roe_median": 13.0, "commodity": false, "hard_ratio": 24.1, "fix_assets": 6.3, "goodwill_ratio": 0.1, "pb_calc": 3.09, "capex_dep": 2.31, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 14.7, "debt_mv": 0.4, "payout": 59.0, "div_years": 5, "rev_cagr3": 4.7, "np_cagr3": 9.5, "rev_yoy": 12.0, "np_yoy": 30.7, "np_vol": 50.5, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["病人监护", 12.0], ["体外诊断", 9.0], ["超声影像", 7.0]], "ret_prev_year": 17.0, "ret_prev2_year": 12.4, "ret_ytd": -5.5, "ret_pivot": 40.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -11.2, "ret_120": -18.3, "ret_250": -8.0, "mdd_250": -27.5, "vol_250": 40.2, "pos_52w": 77.1}, "S": {"duration": 38, "pricing": 68, "hard": 39, "bondness": 52}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 19.4 倍、股息率 2.6%、毛利率近 5 年中位 57.4%、固定资产占比 24%、有息负债/EBITDA 0.1 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 57.4%),硬资产占比 24%。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 5.0%(经营现金流/市值 6.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.4%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -3.2 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 24%,资本开支/折旧 2.31 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.4 倍 粗算,约 74%(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 -28%,年化波动 40%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -5% / -11% / -18%。", "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%。", "理邦仪器:PE 比行业中位低 19.2倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 2.0个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}