{"F": {"ts_code": "300832.SZ", "name": "新产业", "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": "20200512", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 51.5, "pe_ttm": 23.5685, "pb": 4.5115, "dv_ttm": 2.3245, "total_mv": 4046451.7428, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.2, 71.2, 70.3, 73.0, 72.1, 69.3], "rev_series": [21.9, 25.5, 30.5, 39.3, 45.4, 45.8], "np_series": [9.4, 9.7, 13.3, 16.5, 18.3, 16.2], "roe_series": [23.6, 18.7, 22.1, 23.7, 22.7, 18.3], "period": "20260630", "rev_ttm": 48.1, "np_ttm": 17.2, "ocf_ttm": 19.6, "fcf_ttm": 16.4, "fcf_yield": 4.1, "ocf_yield": 4.8, "gm_median": 71.2, "gm_std": 1.3, "gm_stab": 0.98, "gm_chg_2022": -6.9, "npm_median": 40.3, "roe_median": 22.1, "commodity": false, "hard_ratio": 18.4, "fix_assets": 18.0, "goodwill_ratio": 0.0, "pb_calc": 4.51, "capex_dep": 1.8, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 8.1, "debt_mv": 0.0, "payout": 55.9, "div_years": 5, "rev_cagr3": 14.5, "np_cagr3": 6.9, "rev_yoy": 10.8, "np_yoy": 12.5, "np_vol": 16.5, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 24, "fwd_pe": 21.8, "fwd_pe2": 18.6, "fwd_g1": 8.0, "fwd_g2": 17.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["试剂类", 43.0], ["试剂", 43.0], ["仪器类", 14.0], ["其他业务", 0.0]], "ret_prev_year": -19.5, "ret_prev2_year": -8.5, "ret_ytd": -6.4, "ret_pivot": -21.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": 17.7, "ret_120": 0.4, "ret_250": -12.8, "mdd_250": -42.8, "vol_250": 33.8, "pos_52w": 74.7}, "S": {"duration": 45, "pricing": 74, "hard": 29, "bondness": 39}, "label": "定价权·品牌", "tags": [], "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 71.2%,稳定度 98%、ROE 近 5 年中位 22.1%。", "自由现金流/市值 4.1%,分红率 56%,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 71.2%),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 4.1%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 71.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -6.9 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 18%,资本开支/折旧 1.80 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.6 倍 粗算,约 79%(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 -13%,最大回撤 -43%,年化波动 34%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 7% / 18% / 0%。", "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%。", "新产业:PE 比行业中位低 15.0倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 15.8个百分点;固定资产占比 比行业中位低 3.5个百分点。"]}}