{"F": {"ts_code": "300653.SZ", "name": "正海生物", "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": "20170516", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.96, "pe_ttm": 38.716, "pb": 3.0844, "dv_ttm": 1.8471, "total_mv": 269280.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [92.2, 89.1, 88.7, 89.9, 87.6, 85.9], "rev_series": [2.9, 4.0, 4.3, 4.1, 3.6, 3.6], "np_series": [1.2, 1.7, 1.9, 1.9, 1.3, 0.8], "roe_series": [19.2, 23.5, 22.5, 21.1, 14.7, 9.3], "period": "20260630", "rev_ttm": 3.4, "np_ttm": 0.7, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 2.4, "ocf_yield": 2.9, "gm_median": 88.7, "gm_std": 1.4, "gm_stab": 0.98, "gm_chg_2022": -3.5, "npm_median": 42.1, "roe_median": 21.1, "commodity": false, "hard_ratio": 21.4, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 3.08, "capex_dep": 0.75, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 10.0, "debt_mv": null, "payout": 61.3, "div_years": 5, "rev_cagr3": -5.6, "np_cagr3": -23.7, "rev_yoy": -14.9, "np_yoy": -27.9, "np_vol": 29.2, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["医疗器械产品", 33.0], ["脑膜系列产品", 15.0], ["口腔修复膜", 12.0]], "ret_prev_year": -4.2, "ret_prev2_year": -25.2, "ret_ytd": -24.0, "ret_pivot": -11.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": 2.3, "ret_120": -25.3, "ret_250": -32.5, "mdd_250": -39.2, "vol_250": 33.6, "pos_52w": 67.2}, "S": {"duration": 62, "pricing": 84, "hard": 34, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.7 倍、股息率 1.8%、毛利率近 5 年中位 88.7%、固定资产占比 21%、资产负债率 10%: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 88.7%),硬资产占比 21%。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 2.4%(经营现金流/市值 2.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 88.7%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -3.5 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 21%,资本开支/折旧 0.75 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.7 倍 粗算,约 87%(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 -32%,最大回撤 -39%,年化波动 34%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -3% / 2% / -25%。", "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%。", "正海生物:PE 比行业中位高 0.1倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 33.3个百分点;固定资产占比 比行业中位低 0.5个百分点。"]}}