{"F": {"ts_code": "300760.SZ", "name": "迈瑞医疗", "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": "20181016", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 169.91, "pe_ttm": 26.1829, "pb": 5.0768, "dv_ttm": 2.485, "total_mv": 20589683.6054, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.0, 65.0, 64.2, 66.2, 63.1, 60.3], "rev_series": [210.3, 252.7, 303.7, 349.3, 367.3, 332.8], "np_series": [66.6, 80.0, 96.1, 115.8, 116.7, 81.4], "roe_series": [31.8, 31.9, 32.6, 35.6, 33.9, 22.0], "period": "20260630", "rev_ttm": 342.9, "np_ttm": 78.6, "ocf_ttm": 111.0, "fcf_ttm": 90.1, "fcf_yield": 4.4, "ocf_yield": 5.4, "gm_median": 64.2, "gm_std": 2.0, "gm_stab": 0.97, "gm_chg_2022": -0.8, "npm_median": 31.7, "roe_median": 32.6, "commodity": false, "hard_ratio": 18.5, "fix_assets": 112.7, "goodwill_ratio": 18.3, "pb_calc": 5.08, "capex_dep": 2.65, "interest_debt": 3.1, "debt_ebitda": 0.0, "debt_ratio": 25.5, "debt_mv": 0.2, "payout": 65.2, "div_years": 5, "rev_cagr3": 3.1, "np_cagr3": -5.4, "rev_yoy": 6.0, "np_yoy": -5.4, "np_vol": 19.8, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 24, "fwd_pe": 23.9, "fwd_pe2": 20.9, "fwd_g1": 10.0, "fwd_g2": 14.0, "peg": 1.71, "consensus_disp": null, "mainbz": [["产品", 46.0], ["体外诊断类产品", 18.0], ["生命信息与支持类产品", 12.0], ["新兴业务类产品", 8.0]], "ret_prev_year": -24.1, "ret_prev2_year": -10.2, "ret_ytd": -10.0, "ret_pivot": -20.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.2, "ret_60": 15.7, "ret_120": -4.0, "ret_250": -29.6, "mdd_250": -45.4, "vol_250": 27.5, "pos_52w": 69.3}, "S": {"duration": 48, "pricing": 73, "hard": 30, "bondness": 55}, "label": "定价权·品牌", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 18%)但有定价权:毛利率近 5 年中位 64.2%,稳定度 97%、ROE 近 5 年中位 32.6%。", "自由现金流/市值 4.4%,分红率 65%,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 64.2%),硬资产占比 18%。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 4.4%(经营现金流/市值 5.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -0.8 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 18%,资本开支/折旧 2.65 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.2 倍 粗算,约 81%(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 -45%,年化波动 28%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 12% / 16% / -4%。", "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%。", "迈瑞医疗:PE 比行业中位低 12.4倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 8.8个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}