{"F": {"ts_code": "300314.SZ", "name": "戴维医疗", "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": "20120508", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.53, "pe_ttm": 55.1926, "pb": 2.6951, "dv_ttm": 0.6938, "total_mv": 332064.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.6, 61.6, 58.6, 58.2, 56.5, 53.6], "rev_series": [4.6, 4.7, 5.1, 6.2, 5.3, 5.8], "np_series": [1.4, 0.8, 1.0, 1.5, 0.6, 0.9], "roe_series": [15.3, 8.3, 9.5, 13.3, 4.9, 7.3], "period": "20260630", "rev_ttm": 5.8, "np_ttm": 0.6, "ocf_ttm": 1.0, "fcf_ttm": 0.5, "fcf_yield": 1.6, "ocf_yield": 2.9, "gm_median": 58.2, "gm_std": 2.6, "gm_stab": 0.96, "gm_chg_2022": -0.1, "npm_median": 16.9, "roe_median": 8.3, "commodity": false, "hard_ratio": 25.2, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 2.7, "capex_dep": 2.08, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 16.0, "debt_mv": 0.1, "payout": 35.3, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": -3.7, "rev_yoy": 0.3, "np_yoy": -52.7, "np_vol": 47.3, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["儿产科保育设备", 36.0], ["微创外科手术器械", 30.0], ["外科微创手术器械", 30.0], ["其他", 2.0]], "ret_prev_year": 12.7, "ret_prev2_year": -25.0, "ret_ytd": -7.8, "ret_pivot": 16.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.5, "ret_60": 21.2, "ret_120": -15.8, "ret_250": -25.2, "mdd_250": -40.4, "vol_250": 41.8, "pos_52w": 75.1}, "S": {"duration": 75, "pricing": 70, "hard": 40, "bondness": 32}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 55.2 倍、股息率 0.7%、毛利率近 5 年中位 58.2%、固定资产占比 25%、有息负债/EBITDA 0.0 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 58.2%),硬资产占比 25%。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 1.6%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.2%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.1 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 25%,资本开支/折旧 2.08 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 55.2 倍 粗算,约 91%(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 -25%,最大回撤 -40%,年化波动 42%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 14% / 21% / -16%。", "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%。", "戴维医疗:PE 比行业中位高 16.6倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 2.8个百分点;固定资产占比 比行业中位高 3.3个百分点。"]}}