{"F": {"ts_code": "301033.SZ", "name": "迈普医学", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20210726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 54.15, "pe_ttm": 29.6751, "pb": 4.4764, "dv_ttm": 1.2874, "total_mv": 363252.8205, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [83.5, 82.4, 84.0, 82.0, 79.3, 80.2], "rev_series": [1.2, 1.5, 2.0, 2.3, 2.8, 3.7], "np_series": [0.4, 0.4, 0.4, 0.4, 0.8, 1.1], "roe_series": [11.6, 9.9, 6.1, 6.6, 11.8, 15.1], "period": "20260630", "rev_ttm": 4.0, "np_ttm": 1.2, "ocf_ttm": 1.3, "fcf_ttm": 1.0, "fcf_yield": 2.7, "ocf_yield": 3.6, "gm_median": 82.0, "gm_std": 1.7, "gm_stab": 0.98, "gm_chg_2022": 0.5, "npm_median": 28.3, "roe_median": 9.9, "commodity": false, "hard_ratio": 33.2, "fix_assets": 3.0, "goodwill_ratio": 0.0, "pb_calc": 4.48, "capex_dep": 1.93, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 10.0, "debt_mv": 0.3, "payout": 50.0, "div_years": 5, "rev_cagr3": 23.6, "np_cagr3": 46.6, "rev_yoy": 20.3, "np_yoy": 19.6, "np_vol": 37.3, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 9, "fwd_pe": 24.7, "fwd_pe2": 18.2, "fwd_g1": 20.0, "fwd_g2": 35.0, "peg": 0.71, "consensus_disp": null, "mainbz": [["植入医疗器械", 32.0], ["植入医疗器械：封闭防漏产品", 17.0], ["封闭防漏产品", 17.0], ["植入医疗器械：修复固定产品", 9.0]], "ret_prev_year": 63.9, "ret_prev2_year": -2.6, "ret_ytd": -18.9, "ret_pivot": 45.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.0, "ret_60": 14.8, "ret_120": -18.0, "ret_250": -35.4, "mdd_250": -45.1, "vol_250": 53.0, "pos_52w": 65.9}, "S": {"duration": 52, "pricing": 83, "hard": 53, "bondness": 26}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 29.7 倍、股息率 1.3%、毛利率近 5 年中位 82.0%、固定资产占比 33%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 82.0% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 2.7%(经营现金流/市值 3.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 82.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 0.5 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 33%,资本开支/折旧 1.93 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.7 倍 粗算,约 83%(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 -35%,最大回撤 -45%,年化波动 53%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -13% / 15% / -18%。", "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%。", "迈普医学:PE 比行业中位低 8.9倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 26.6个百分点;固定资产占比 比行业中位高 11.3个百分点。"]}}