{"F": {"ts_code": "300633.SZ", "name": "开立医疗", "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": "20170406", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.2, "pe_ttm": 52.3192, "pb": 2.845, "dv_ttm": 0.8861, "total_mv": 858171.75, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [66.4, 67.4, 66.9, 69.4, 63.8, 62.0], "rev_series": [11.6, 14.4, 17.6, 21.2, 20.1, 23.1], "np_series": [-0.5, 2.5, 3.7, 4.5, 1.4, 2.0], "roe_series": [-3.4, 13.4, 14.5, 15.4, 4.6, 6.2], "period": "20260630", "rev_ttm": 24.0, "np_ttm": 1.6, "ocf_ttm": 1.0, "fcf_ttm": -0.4, "fcf_yield": -0.4, "ocf_yield": 1.1, "gm_median": 66.9, "gm_std": 2.7, "gm_stab": 0.96, "gm_chg_2022": 0.4, "npm_median": 17.1, "roe_median": 13.4, "commodity": false, "hard_ratio": 26.7, "fix_assets": 10.9, "goodwill_ratio": 2.5, "pb_calc": 2.84, "capex_dep": 1.6, "interest_debt": 3.0, "debt_ebitda": 1.1, "debt_ratio": 26.2, "debt_mv": 3.5, "payout": 30.3, "div_years": 5, "rev_cagr3": 9.4, "np_cagr3": -18.9, "rev_yoy": 9.2, "np_yoy": -70.7, "np_vol": 253.0, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 19, "fwd_pe": 27.9, "fwd_pe2": 20.8, "fwd_g1": 87.0, "fwd_g2": 34.0, "peg": 0.82, "consensus_disp": null, "mainbz": [["彩超", 35.0], ["医用内窥镜", 29.0], ["内窥镜及镜下治疗器具", 29.0], ["IVUS产品", 4.0]], "ret_prev_year": -9.9, "ret_prev2_year": -37.7, "ret_ytd": -23.0, "ret_pivot": -18.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": 6.1, "ret_120": -22.2, "ret_250": -40.5, "mdd_250": -50.7, "vol_250": 34.6, "pos_52w": 55.4}, "S": {"duration": 73, "pricing": 75, "hard": 43, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 52.3 倍、股息率 0.9%、毛利率近 5 年中位 66.9%、固定资产占比 27%、有息负债/EBITDA 1.1 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 66.9%),硬资产占比 27%。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 -0.4%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 66.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 0.4 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 27%,资本开支/折旧 1.60 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.3 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 -40%,最大回撤 -51%,年化波动 35%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -1% / 6% / -22%。", "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%。", "开立医疗:PE 比行业中位高 13.7倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 11.5个百分点;固定资产占比 比行业中位高 4.8个百分点。"]}}