{"F": {"ts_code": "300685.SZ", "name": "艾德生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20170802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.13, "pe_ttm": 19.7507, "pb": 3.5279, "dv_ttm": 2.5976, "total_mv": 668250.2076, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [87.0, 84.4, 82.4, 84.0, 84.7, 82.6], "rev_series": [7.3, 9.2, 8.4, 10.4, 11.1, 12.0], "np_series": [1.8, 2.4, 2.6, 2.6, 2.5, 3.6], "roe_series": [17.8, 19.2, 18.4, 16.3, 14.4, 18.5], "period": "20260630", "rev_ttm": 11.8, "np_ttm": 3.4, "ocf_ttm": 3.9, "fcf_ttm": 3.3, "fcf_yield": 4.9, "ocf_yield": 5.8, "gm_median": 84.0, "gm_std": 0.9, "gm_stab": 0.99, "gm_chg_2022": -4.5, "npm_median": 26.1, "roe_median": 18.4, "commodity": false, "hard_ratio": 7.5, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": 3.53, "capex_dep": 1.51, "interest_debt": 2.0, "debt_ebitda": 0.4, "debt_ratio": 14.5, "debt_mv": 2.9, "payout": 46.9, "div_years": 5, "rev_cagr3": 12.5, "np_cagr3": 11.1, "rev_yoy": -3.5, "np_yoy": -12.1, "np_vol": 17.9, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.1, "consensus_n": 7, "fwd_pe": 16.2, "fwd_pe2": 13.9, "fwd_g1": 22.0, "fwd_g2": 16.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["产品", 48.0], ["检测试剂", 39.0], ["药物临床研究服务", 5.0], ["检测服务收入", 4.0]], "ret_prev_year": -9.3, "ret_prev2_year": 4.6, "ret_ytd": -14.4, "ret_pivot": 0.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": 3.8, "ret_120": -17.1, "ret_250": -29.7, "mdd_250": -35.6, "vol_250": 36.6, "pos_52w": 68.2}, "S": {"duration": 39, "pricing": 81, "hard": 12, "bondness": 41}, "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 8%)但有定价权:毛利率近 5 年中位 84.0%,稳定度 99%、ROE 近 5 年中位 18.4%。", "自由现金流/市值 4.9%,分红率 47%,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 84.0%),硬资产占比 8%。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 4.9%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 84.0%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -4.5 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 8%,资本开支/折旧 1.51 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.8 倍 粗算,约 75%(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 -30%,最大回撤 -36%,年化波动 37%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -5% / 4% / -17%。", "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%。", "艾德生物:PE 比行业中位低 18.8倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 28.6个百分点;固定资产占比 比行业中位低 14.4个百分点。"]}}