{"F": {"ts_code": "300595.SZ", "name": "欧普康视", "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": "20170117", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.04, "pe_ttm": 21.3988, "pb": 1.9639, "dv_ttm": 1.7047, "total_mv": 987369.6864, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [78.5, 76.7, 76.9, 74.8, 73.5, 72.5], "rev_series": [8.7, 13.0, 15.3, 17.4, 18.1, 18.6], "np_series": [4.3, 5.5, 6.2, 6.7, 5.7, 4.8], "roe_series": [28.1, 28.0, 19.4, 15.5, 12.6, 10.0], "period": "20260630", "rev_ttm": 18.6, "np_ttm": 4.6, "ocf_ttm": 6.7, "fcf_ttm": 5.7, "fcf_yield": 5.7, "ocf_yield": 6.7, "gm_median": 74.8, "gm_std": 1.7, "gm_stab": 0.98, "gm_chg_2022": -1.7, "npm_median": 42.0, "roe_median": 15.5, "commodity": false, "hard_ratio": 6.8, "fix_assets": 4.2, "goodwill_ratio": 13.8, "pb_calc": 1.96, "capex_dep": 1.58, "interest_debt": 2.3, "debt_ebitda": 0.3, "debt_ratio": 11.2, "debt_mv": 2.3, "payout": 35.0, "div_years": 5, "rev_cagr3": 6.9, "np_cagr3": -8.4, "rev_yoy": -0.6, "np_yoy": -7.2, "np_vol": 16.7, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.7, "consensus_n": 1, "fwd_pe": 19.4, "fwd_pe2": 17.5, "fwd_g1": 10.0, "fwd_g2": 11.0, "peg": 1.76, "consensus_disp": null, "mainbz": [["产品", 45.0], ["硬性接触镜", 17.0], ["框架镜等其他视光产品及技术服务", 11.0], ["医疗服务", 10.0]], "ret_prev_year": -21.5, "ret_prev2_year": -15.5, "ret_ytd": -24.2, "ret_pivot": -14.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": 0.6, "ret_120": -28.9, "ret_250": -41.9, "mdd_250": -44.9, "vol_250": 28.6, "pos_52w": 58.7}, "S": {"duration": 41, "pricing": 78, "hard": 11, "bondness": 36}, "label": "定价权·品牌", "tags": ["轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 7%)但有定价权:毛利率近 5 年中位 74.8%,稳定度 98%、ROE 近 5 年中位 15.5%。", "自由现金流/市值 5.7%,分红率 35%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 74.8%),硬资产占比 7%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.7%(经营现金流/市值 6.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 74.8%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -1.7 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 7%,资本开支/折旧 1.58 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.4 倍 粗算,约 77%(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 -42%,最大回撤 -45%,年化波动 29%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -3% / 1% / -29%。", "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%。", "欧普康视:PE 比行业中位低 17.2倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 19.4个百分点;固定资产占比 比行业中位低 15.1个百分点。"]}}