{"F": {"ts_code": "300888.SZ", "name": "稳健医疗", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "个护用品", "sw3": "生活用纸", "ind": "个护用品", "fin_source": "tushare", "market": "创业板", "list_date": "20200917", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.6, "pe_ttm": 21.8577, "pb": 1.4771, "dv_ttm": 2.6783, "total_mv": 1725594.16, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.5, 49.9, 47.4, 49.0, 47.3, 47.6], "rev_series": [125.3, 80.4, 113.5, 81.9, 89.8, 109.5], "np_series": [38.1, 12.4, 16.5, 5.8, 7.0, 7.7], "roe_series": [56.0, 11.7, 14.8, 5.0, 6.1, 6.8], "period": "20260630", "rev_ttm": 111.4, "np_ttm": 7.9, "ocf_ttm": 16.4, "fcf_ttm": 9.4, "fcf_yield": 5.5, "ocf_yield": 9.5, "gm_median": 47.6, "gm_std": 1.0, "gm_stab": 0.98, "gm_chg_2022": -12.2, "npm_median": 8.3, "roe_median": 6.8, "commodity": false, "hard_ratio": 24.4, "fix_assets": 46.3, "goodwill_ratio": 5.5, "pb_calc": 1.48, "capex_dep": 1.98, "interest_debt": 29.5, "debt_ebitda": 1.5, "debt_ratio": 34.2, "debt_mv": 17.1, "payout": 54.6, "div_years": 5, "rev_cagr3": -1.2, "np_cagr3": -22.5, "rev_yoy": 3.6, "np_yoy": 4.4, "np_vol": 43.4, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 25, "fwd_pe": 18.3, "fwd_pe2": 16.0, "fwd_g1": 19.0, "fwd_g2": 15.0, "peg": 1.22, "consensus_disp": null, "mainbz": [["产品", 36.0], ["合计特别调整", 8.0], ["消费品-干湿棉柔巾", 6.0], ["干湿棉柔巾", 6.0]], "ret_prev_year": -8.7, "ret_prev2_year": 16.4, "ret_ytd": -20.1, "ret_pivot": 34.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": 9.0, "ret_120": -12.6, "ret_250": -27.2, "mdd_250": -38.1, "vol_250": 27.1, "pos_52w": 69.6}, "S": {"duration": 42, "pricing": 62, "hard": 39, "bondness": 60}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.9 倍、股息率 2.7%、毛利率近 5 年中位 47.6%、固定资产占比 24%、有息负债/EBITDA 1.5 倍: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 47.6%),硬资产占比 24%。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 5.5%(经营现金流/市值 9.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.6%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -12.2 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 24%,资本开支/折旧 1.98 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.9 倍 粗算,约 77%(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 -27%,最大回撤 -38%,年化波动 27%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 2% / 9% / -13%。", "行业对照": ["同申万二级「个护用品」12 家中位:PE 25.1 / 股息率 1.8% / 毛利率 28.2% / 固定资产占比 26% / 分红率 70%。", "稳健医疗:PE 比行业中位低 3.2倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 19.4个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}