{"F": {"ts_code": "300358.SZ", "name": "楚天科技", "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": "20140121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.45, "pe_ttm": 14.6579, "pb": 1.0837, "dv_ttm": 0.8284, "total_mv": 604253.247, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.9, 39.7, 36.0, 32.1, 25.9, 32.2], "rev_series": [35.8, 52.6, 64.5, 68.5, 58.3, 57.6], "np_series": [2.0, 5.7, 5.7, 3.2, -4.5, 2.5], "roe_series": [7.7, 17.7, 14.5, 7.1, -10.1, 5.2], "period": "20260630", "rev_ttm": 59.7, "np_ttm": 4.1, "ocf_ttm": 9.8, "fcf_ttm": 7.8, "fcf_yield": 12.9, "ocf_yield": 16.2, "gm_median": 32.2, "gm_std": 4.6, "gm_stab": 0.86, "gm_chg_2022": 2.1, "npm_median": 4.5, "roe_median": 7.1, "commodity": false, "hard_ratio": 21.0, "fix_assets": 26.5, "goodwill_ratio": 5.9, "pb_calc": 1.08, "capex_dep": 1.18, "interest_debt": 13.4, "debt_ebitda": 1.6, "debt_ratio": 55.5, "debt_mv": 22.2, "payout": 17.4, "div_years": 4, "rev_cagr3": -3.7, "np_cagr3": -23.4, "rev_yoy": 8.5, "np_yoy": 1280.7, "np_vol": 153.7, "loss_years": 1, "far_share": 66.0, "earn_yield": 6.8, "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], ["无菌制剂解决方案及单机", 12.0], ["检测包装解决方案及单机", 7.0], ["配件及售后服务", 7.0]], "ret_prev_year": 43.2, "ret_prev2_year": -35.5, "ret_ytd": -13.1, "ret_pivot": 47.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": 10.2, "ret_120": -16.7, "ret_250": -4.1, "mdd_250": -37.5, "vol_250": 48.0, "pos_52w": 70.0}, "S": {"duration": 31, "pricing": 55, "hard": 34, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.7 倍、股息率 0.8%、毛利率近 5 年中位 32.2%、固定资产占比 21%、有息负债/EBITDA 1.6 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 32.2%),硬资产占比 21%。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 12.9%(经营现金流/市值 16.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 2.1 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 21%,资本开支/折旧 1.18 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.7 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -4%,最大回撤 -38%,年化波动 48%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -8% / 10% / -17%。", "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%。", "楚天科技:PE 比行业中位低 23.9倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 23.2个百分点;固定资产占比 比行业中位低 0.9个百分点。"]}}