{"F": {"ts_code": "300341.SZ", "name": "麦克奥迪", "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": "20120726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.93, "pe_ttm": 35.1412, "pb": 3.3499, "dv_ttm": 0.5414, "total_mv": 669011.6472, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.1, 44.1, 44.0, 41.8, 42.8, 40.5], "rev_series": [11.9, 14.6, 17.9, 13.7, 13.5, 15.2], "np_series": [1.4, 1.8, 2.6, 1.7, 1.6, 1.7], "roe_series": [13.5, 15.3, 18.6, 10.4, 9.2, 9.1], "period": "20260630", "rev_ttm": 16.6, "np_ttm": 1.9, "ocf_ttm": 1.3, "fcf_ttm": 0.4, "fcf_yield": 0.6, "ocf_yield": 1.9, "gm_median": 42.8, "gm_std": 1.4, "gm_stab": 0.97, "gm_chg_2022": 0.9, "npm_median": 12.2, "roe_median": 10.4, "commodity": false, "hard_ratio": 16.8, "fix_assets": 4.4, "goodwill_ratio": 0.0, "pb_calc": 3.35, "capex_dep": 2.17, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 20.6, "debt_mv": 0.3, "payout": 21.4, "div_years": 5, "rev_cagr3": -5.3, "np_cagr3": -13.1, "rev_yoy": 19.3, "np_yoy": 20.4, "np_vol": 28.0, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电气产品", 33.0], ["显微镜产品", 10.0], ["医疗产品及服务", 5.0]], "ret_prev_year": -6.3, "ret_prev2_year": 49.9, "ret_ytd": -20.5, "ret_pivot": 32.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": -6.6, "ret_120": -18.5, "ret_250": -28.2, "mdd_250": -41.8, "vol_250": 38.0, "pos_52w": 65.8}, "S": {"duration": 58, "pricing": 64, "hard": 27, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 35.1 倍、股息率 0.5%、毛利率近 5 年中位 42.8%、固定资产占比 17%、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 42.8%),硬资产占比 17%。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 0.6%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.9 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 17%,资本开支/折旧 2.17 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.1 倍 粗算,约 86%(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 -28%,最大回撤 -42%,年化波动 38%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -3% / -7% / -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%。", "麦克奥迪:PE 比行业中位低 3.5倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 12.6个百分点;固定资产占比 比行业中位低 5.1个百分点。"]}}