{"F": {"ts_code": "300244.SZ", "name": "迪安诊断", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "诊断服务", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20110719", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.78, "pe_ttm": 41.7545, "pb": 1.7129, "dv_ttm": 1.9248, "total_mv": 1111213.3732, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.2, 38.3, 37.2, 31.3, 28.0, 28.5], "rev_series": [106.5, 130.8, 202.8, 134.1, 122.0, 101.0], "np_series": [8.0, 11.6, 14.3, 3.1, -3.6, 0.4], "roe_series": [18.5, 22.1, 21.6, 4.1, -5.1, 0.7], "period": "20260630", "rev_ttm": 99.3, "np_ttm": 2.7, "ocf_ttm": 20.1, "fcf_ttm": 17.6, "fcf_yield": 15.8, "ocf_yield": 18.1, "gm_median": 31.3, "gm_std": 4.3, "gm_stab": 0.86, "gm_chg_2022": -1.1, "npm_median": 4.3, "roe_median": 4.1, "commodity": false, "hard_ratio": 8.1, "fix_assets": 11.1, "goodwill_ratio": 3.0, "pb_calc": 1.71, "capex_dep": 0.97, "interest_debt": 22.1, "debt_ebitda": 1.6, "debt_ratio": 38.0, "debt_mv": 19.9, "payout": 248.8, "div_years": 5, "rev_cagr3": -20.7, "np_cagr3": -68.7, "rev_yoy": -3.3, "np_yoy": 2160.9, "np_vol": 114.4, "loss_years": 1, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 6, "fwd_pe": 24.5, "fwd_pe2": 19.9, "fwd_g1": 70.0, "fwd_g2": 23.0, "peg": 1.07, "consensus_disp": null, "mainbz": [["渠道产品", 48.0], ["诊断服务", 26.0], ["医学诊断服务", 26.0], ["其他业务", 0.0]], "ret_prev_year": 44.2, "ret_prev2_year": -52.2, "ret_ytd": 14.7, "ret_pivot": 111.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.5, "ret_60": 8.3, "ret_120": -10.4, "ret_250": 9.2, "mdd_250": -46.3, "vol_250": 63.7, "pos_52w": 61.0}, "S": {"duration": 65, "pricing": 52, "hard": 13, "bondness": 71}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 2161%,PE TTM 41.8 倍 但前瞻 PE 24.5 倍,PEG 1.07。", "自由现金流 17.6 亿(正),次年预期增速 23%(6 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 31.3%),硬资产占比 8%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 15.8%(经营现金流/市值 18.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.3%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -1.1 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 8%,资本开支/折旧 0.97 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.8 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 9%,最大回撤 -46%,年化波动 64%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -12% / 8% / -10%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "迪安诊断:PE 比行业中位低 31.3倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 10.0个百分点;固定资产占比 比行业中位低 10.8个百分点。"]}}