{"F": {"ts_code": "300406.SZ", "name": "九强生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20141030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.78, "pe_ttm": 30.6948, "pb": 2.0075, "dv_ttm": 8.8617, "total_mv": 690473.509, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.5, 72.1, 74.6, 74.7, 78.5, 79.3], "rev_series": [8.5, 16.0, 15.1, 17.4, 16.6, 13.6], "np_series": [1.1, 4.1, 3.9, 5.2, 5.3, 1.9], "roe_series": [4.3, 13.4, 12.7, 15.0, 13.5, 4.8], "period": "20260630", "rev_ttm": 13.7, "np_ttm": 2.2, "ocf_ttm": 5.7, "fcf_ttm": 5.4, "fcf_yield": 7.8, "ocf_yield": 8.2, "gm_median": 74.7, "gm_std": 2.7, "gm_stab": 0.96, "gm_chg_2022": 13.1, "npm_median": 29.4, "roe_median": 13.4, "commodity": false, "hard_ratio": 10.5, "fix_assets": 5.1, "goodwill_ratio": 30.7, "pb_calc": 1.92, "capex_dep": 0.45, "interest_debt": 10.9, "debt_ebitda": 2.0, "debt_ratio": 26.5, "debt_mv": 15.7, "payout": 43.5, "div_years": 5, "rev_cagr3": -3.6, "np_cagr3": -21.3, "rev_yoy": 1.5, "np_yoy": 20.0, "np_vol": 112.4, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.3, "consensus_n": 2, "fwd_pe": 16.9, "fwd_pe2": 13.9, "fwd_g1": 81.0, "fwd_g2": 22.0, "peg": 0.77, "consensus_disp": null, "mainbz": [["体外检测试剂", 95.0], ["体外检测仪器", 2.0], ["其他业务", 1.0], ["检验服务及实验辅助业务", 1.0]], "ret_prev_year": 5.3, "ret_prev2_year": -32.3, "ret_ytd": -3.6, "ret_pivot": 24.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 5.2, "ret_120": 0.6, "ret_250": -13.6, "mdd_250": -26.4, "vol_250": 29.0, "pos_52w": 81.9}, "S": {"duration": 54, "pricing": 82, "hard": 17, "bondness": 71}, "label": "成长兑现", "tags": ["轻资产现金牛", "现金流红利", "商誉占比高", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 20%,PE TTM 30.7 倍 但前瞻 PE 16.9 倍,PEG 0.77。", "自由现金流 5.4 亿(正),次年预期增速 22%(2 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 74.7%),硬资产占比 10%。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 7.8%(经营现金流/市值 8.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 74.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 13.1 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 10%,资本开支/折旧 0.45 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.7 倍 粗算,约 84%(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 -14%,最大回撤 -26%,年化波动 29%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 2% / 5% / 1%。 长久期资产波动大是常态;", "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%。", "九强生物:PE 比行业中位低 7.9倍;股息率 比行业中位高 7.8个百分点;毛利率 比行业中位高 19.3个百分点;固定资产占比 比行业中位低 11.4个百分点。"]}}