{"F": {"ts_code": "300896.SZ", "name": "爱美客", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "医疗美容", "sw3": "医美耗材", "ind": "医疗美容", "fin_source": "tushare", "market": "创业板", "list_date": "20200928", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 93.5, "pe_ttm": 25.8395, "pb": 3.5762, "dv_ttm": 1.9177, "total_mv": 2829236.135, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [91.8, 93.7, 94.8, 95.1, 94.6, 92.7], "rev_series": [7.1, 14.5, 19.4, 28.7, 30.3, 24.5], "np_series": [4.4, 9.6, 12.6, 18.6, 19.6, 12.9], "roe_series": [16.9, 20.0, 23.2, 30.5, 27.7, 16.8], "period": "20260630", "rev_ttm": 23.7, "np_ttm": 10.9, "ocf_ttm": 12.0, "fcf_ttm": 10.1, "fcf_yield": 3.6, "ocf_yield": 4.3, "gm_median": 94.6, "gm_std": 0.9, "gm_stab": 0.99, "gm_chg_2022": 3.0, "npm_median": 64.7, "roe_median": 23.2, "commodity": false, "hard_ratio": 7.3, "fix_assets": 6.7, "goodwill_ratio": 17.9, "pb_calc": 3.58, "capex_dep": 5.32, "interest_debt": 2.5, "debt_ebitda": 0.2, "debt_ratio": 7.4, "debt_mv": 0.9, "payout": 48.5, "div_years": 5, "rev_cagr3": 8.2, "np_cagr3": 0.7, "rev_yoy": -6.4, "np_yoy": -24.8, "np_vol": 50.3, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.9, "consensus_n": 26, "fwd_pe": 21.3, "fwd_pe2": 19.0, "fwd_g1": 21.0, "fwd_g2": 12.0, "peg": 1.78, "consensus_disp": null, "mainbz": [["溶液类注射产品", 47.0], ["凝胶类注射产品", 30.0], ["冻干粉类注射产品", 17.0], ["其他主营业务", 3.0]], "ret_prev_year": -20.4, "ret_prev2_year": -12.9, "ret_ytd": -33.2, "ret_pivot": -28.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.3, "ret_60": 2.1, "ret_120": -33.4, "ret_250": -50.8, "mdd_250": -57.3, "vol_250": 35.3, "pos_52w": 47.2}, "S": {"duration": 48, "pricing": 92, "hard": 12, "bondness": 41}, "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 7%)但有定价权:毛利率近 5 年中位 94.6%,稳定度 99%、ROE 近 5 年中位 23.2%。", "自由现金流/市值 3.6%,分红率 48%,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 94.6%),硬资产占比 7%。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 3.6%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 94.6%,稳定度 99%,2020→2022 成本通胀期毛利率变化 3.0 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 7%,资本开支/折旧 5.32 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.8 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 -51%,最大回撤 -57%,年化波动 35%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -10% / 2% / -33%。", "行业对照": ["同申万二级「医疗美容」4 家中位:PE 25.8 / 股息率 1.2% / 毛利率 81.7% / 固定资产占比 16% / 分红率 32%。", "爱美客:PE 与行业中位持平;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 12.9个百分点;固定资产占比 比行业中位低 8.8个百分点。"]}}