{"F": {"ts_code": "300529.SZ", "name": "健帆生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20160802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.56, "pe_ttm": 23.6661, "pb": 3.7209, "dv_ttm": 3.2405, "total_mv": 1242629.8468, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [85.2, 85.0, 82.3, 80.0, 80.8, 78.7], "rev_series": [19.5, 26.8, 24.9, 19.2, 26.8, 20.1], "np_series": [8.8, 12.0, 8.9, 4.4, 8.2, 5.3], "roe_series": [35.4, 38.8, 25.7, 13.0, 25.3, 15.7], "period": "20260630", "rev_ttm": 19.1, "np_ttm": 5.3, "ocf_ttm": 5.9, "fcf_ttm": 4.2, "fcf_yield": 3.4, "ocf_yield": 4.8, "gm_median": 80.8, "gm_std": 2.2, "gm_stab": 0.97, "gm_chg_2022": -2.9, "npm_median": 30.4, "roe_median": 25.3, "commodity": false, "hard_ratio": 36.3, "fix_assets": 18.9, "goodwill_ratio": 0.1, "pb_calc": 3.59, "capex_dep": 1.48, "interest_debt": 12.4, "debt_ebitda": 1.5, "debt_ratio": 33.4, "debt_mv": 10.0, "payout": 75.4, "div_years": 5, "rev_cagr3": -6.9, "np_cagr3": -15.7, "rev_yoy": -9.0, "np_yoy": -2.0, "np_vol": 52.0, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 4, "fwd_pe": 19.3, "fwd_pe2": 17.5, "fwd_g1": 22.0, "fwd_g2": 10.0, "peg": 1.93, "consensus_disp": null, "mainbz": [["一次性使用血液灌流器", 73.0], ["其他业务", 14.0], ["合计特别调整", 13.0]], "ret_prev_year": -31.7, "ret_prev2_year": 36.6, "ret_ytd": -18.7, "ret_pivot": -31.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.0, "ret_60": -5.7, "ret_120": -15.0, "ret_250": -34.1, "mdd_250": -37.4, "vol_250": 26.9, "pos_52w": 64.8}, "S": {"duration": 45, "pricing": 80, "hard": 58, "bondness": 70}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 75%、股息率 3.2%、营收 3 年复合 -6.9%、有息负债/EBITDA 1.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 80.8% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.4%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 80.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.9 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 36%,资本开支/折旧 1.48 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.7 倍 粗算,约 79%(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 -34%,最大回撤 -37%,年化波动 27%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -5% / -6% / -15%。", "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%。", "健帆生物:PE 比行业中位低 14.9倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位高 25.4个百分点;固定资产占比 比行业中位高 14.4个百分点。"]}}