{"F": {"ts_code": "300439.SZ", "name": "美康生物", "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": "20150422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.27, "pe_ttm": 52.0842, "pb": 1.1848, "dv_ttm": 0.3564, "total_mv": 355823.2953, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.8, 40.5, 38.2, 44.6, 44.6, 36.8], "rev_series": [23.0, 22.5, 24.9, 18.9, 17.4, 15.4], "np_series": [3.0, 1.8, 2.0, 2.6, 2.6, 0.6], "roe_series": [20.1, 9.0, 8.2, 9.8, 9.1, 2.1], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 0.7, "ocf_ttm": 2.3, "fcf_ttm": 0.8, "fcf_yield": 2.3, "ocf_yield": 6.5, "gm_median": 40.5, "gm_std": 3.2, "gm_stab": 0.92, "gm_chg_2022": 1.3, "npm_median": 8.4, "roe_median": 9.0, "commodity": false, "hard_ratio": 29.9, "fix_assets": 11.1, "goodwill_ratio": 0.0, "pb_calc": 1.18, "capex_dep": 1.01, "interest_debt": 0.9, "debt_ebitda": 0.4, "debt_ratio": 19.2, "debt_mv": 2.7, "payout": 20.1, "div_years": 5, "rev_cagr3": -14.8, "np_cagr3": -31.7, "rev_yoy": 12.5, "np_yoy": 9.0, "np_vol": 37.8, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["自产产品", 22.0], ["代理产品", 15.0], ["医学诊断服务", 8.0]], "ret_prev_year": -4.5, "ret_prev2_year": -9.1, "ret_ytd": -5.6, "ret_pivot": 5.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": 8.9, "ret_120": -8.8, "ret_250": -19.2, "mdd_250": -30.7, "vol_250": 27.4, "pos_52w": 80.2}, "S": {"duration": 73, "pricing": 61, "hard": 48, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 52.1 倍、股息率 0.4%、毛利率近 5 年中位 40.5%、固定资产占比 30%、有息负债/EBITDA 0.4 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 40.5%),硬资产占比 30%。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 2.3%(经营现金流/市值 6.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.5%,稳定度 92%,2020→2022 成本通胀期毛利率变化 1.3 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 30%,资本开支/折旧 1.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.1 倍 粗算,约 90%(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 -19%,最大回撤 -31%,年化波动 27%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 0% / 9% / -9%。", "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%。", "美康生物:PE 比行业中位高 13.5倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 14.9个百分点;固定资产占比 比行业中位高 8.0个百分点。"]}}