{"F": {"ts_code": "300677.SZ", "name": "英科医疗", "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": "20170721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 54.25, "pe_ttm": 31.2239, "pb": 1.8695, "dv_ttm": 0.3668, "total_mv": 3552036.11, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [69.0, 61.5, 13.1, 13.7, 23.6, 24.1], "rev_series": [138.4, 162.4, 66.1, 69.2, 95.2, 99.3], "np_series": [70.1, 74.3, 6.3, 3.8, 14.7, 10.1], "roe_series": [129.5, 58.9, 4.0, 2.4, 8.8, 5.7], "period": "20260630", "rev_ttm": 119.2, "np_ttm": 11.4, "ocf_ttm": 29.0, "fcf_ttm": 9.9, "fcf_yield": 2.8, "ocf_yield": 8.2, "gm_median": 23.6, "gm_std": 17.8, "gm_stab": 0.25, "gm_chg_2022": -55.9, "npm_median": 10.6, "roe_median": 5.7, "commodity": false, "hard_ratio": 27.9, "fix_assets": 115.2, "goodwill_ratio": 0.0, "pb_calc": 1.87, "capex_dep": 1.85, "interest_debt": 174.8, "debt_ebitda": 5.3, "debt_ratio": 53.0, "debt_mv": 49.2, "payout": 9.5, "div_years": 5, "rev_cagr3": 14.5, "np_cagr3": 17.1, "rev_yoy": 40.6, "np_yoy": 17.9, "np_vol": 132.3, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 14, "fwd_pe": 16.0, "fwd_pe2": 13.1, "fwd_g1": 95.0, "fwd_g2": 22.0, "peg": 0.73, "consensus_disp": null, "mainbz": [["产品", 48.0], ["个人防护类", 43.0], ["其他产品", 3.0], ["其他主营业务", 3.0]], "ret_prev_year": 55.2, "ret_prev2_year": 9.0, "ret_ytd": 40.2, "ret_pivot": 158.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.6, "ret_60": 17.6, "ret_120": -11.9, "ret_250": 41.1, "mdd_250": -41.6, "vol_250": 55.2, "pos_52w": 82.9}, "S": {"duration": 54, "pricing": 24, "hard": 45, "bondness": 26}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 31.2 倍、股息率 0.4%、毛利率近 5 年中位 23.6%、固定资产占比 28%、有息负债/EBITDA 5.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 28%,毛利率近 5 年中位 23.6%。", "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 2.8%(经营现金流/市值 8.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.6%,稳定度 25%,2020→2022 成本通胀期毛利率变化 -55.9 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 28%,资本开支/折旧 1.85 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.2 倍 粗算,约 84%(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 41%,最大回撤 -42%,年化波动 55%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 8% / 18% / -12%。", "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%。", "英科医疗:PE 比行业中位低 7.4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 31.8个百分点;固定资产占比 比行业中位高 6.0个百分点。"]}}