{"F": {"ts_code": "300238.SZ", "name": "冠昊生物", "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": "20110706", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.54, "pe_ttm": 178.0902, "pb": 5.2475, "dv_ttm": null, "total_mv": 305989.6778, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.5, 75.1, 76.2, 79.1, 79.5, 77.1], "rev_series": [4.4, 4.9, 3.8, 4.0, 3.8, 3.9], "np_series": [0.5, 0.7, -3.1, 0.3, 0.3, 0.2], "roe_series": [6.5, 9.7, -48.5, 6.2, 5.2, 4.4], "period": "20260630", "rev_ttm": 3.6, "np_ttm": 0.2, "ocf_ttm": 0.3, "fcf_ttm": -0.0, "fcf_yield": -0.2, "ocf_yield": 0.8, "gm_median": 77.1, "gm_std": 1.7, "gm_stab": 0.98, "gm_chg_2022": 3.7, "npm_median": 4.4, "roe_median": 5.2, "commodity": false, "hard_ratio": 42.4, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 5.25, "capex_dep": 2.45, "interest_debt": 1.4, "debt_ebitda": 3.0, "debt_ratio": 36.5, "debt_mv": 4.4, "payout": null, "div_years": 0, "rev_cagr3": 0.9, "np_cagr3": null, "rev_yoy": -13.1, "np_yoy": -35.1, "np_vol": 226.3, "loss_years": 1, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 39.0], ["代理品", 10.0], ["代理产品", 10.0], ["B型硬脑(脊)膜补片", 8.0]], "ret_prev_year": 15.0, "ret_prev2_year": -11.2, "ret_ytd": -16.7, "ret_pivot": 20.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.1, "ret_60": 8.3, "ret_120": -28.3, "ret_250": -33.5, "mdd_250": -41.8, "vol_250": 44.3, "pos_52w": 64.6}, "S": {"duration": 99, "pricing": 83, "hard": 68, "bondness": 28}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 178.1 倍、股息率 —、毛利率近 5 年中位 77.1%、固定资产占比 42%、有息负债/EBITDA 3.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 42%、毛利率 77.1% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.2%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 77.1%,稳定度 98%,2020→2022 成本通胀期毛利率变化 3.7 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 42%,资本开支/折旧 2.45 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 178.1 倍 粗算,约 97%(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 -34%,最大回撤 -42%,年化波动 44%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -1% / 8% / -28%。", "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%。", "冠昊生物:PE 比行业中位高 139.5倍;股息率 ;毛利率 比行业中位高 21.7个百分点;固定资产占比 比行业中位高 20.5个百分点。"]}}