{"F": {"ts_code": "301122.SZ", "name": "采纳股份", "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": "20220126", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 45.4, "pe_ttm": 903.8459, "pb": 2.9332, "dv_ttm": 0.0881, "total_mv": 554995.024, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.9, 43.9, 40.8, 38.9, 37.3, 22.4], "rev_series": [5.1, 4.4, 4.7, 4.1, 3.9, 3.6], "np_series": [1.4, 1.3, 1.6, 1.1, 0.5, 0.1], "roe_series": [49.6, 29.4, 14.4, 6.4, 2.9, 0.3], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.1, "ocf_ttm": 0.2, "fcf_ttm": -0.7, "fcf_yield": -1.2, "ocf_yield": 0.3, "gm_median": 38.9, "gm_std": 7.5, "gm_stab": 0.81, "gm_chg_2022": -7.2, "npm_median": 27.4, "roe_median": 6.4, "commodity": false, "hard_ratio": 32.6, "fix_assets": 7.4, "goodwill_ratio": 0.5, "pb_calc": 2.93, "capex_dep": 1.45, "interest_debt": 1.7, "debt_ebitda": 2.4, "debt_ratio": 15.6, "debt_mv": 3.0, "payout": 58.1, "div_years": 5, "rev_cagr3": -8.5, "np_cagr3": -67.4, "rev_yoy": 72.2, "np_yoy": 5.5, "np_vol": 39.0, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.1, "consensus_n": 1, "fwd_pe": 63.9, "fwd_pe2": 51.0, "fwd_g1": 1314.0, "fwd_g2": 25.0, "peg": 2.56, "consensus_disp": null, "mainbz": [["产品", 36.0], ["医疗器械产品", 24.0], ["医疗器械", 24.0], ["动物器械", 9.0]], "ret_prev_year": 30.5, "ret_prev2_year": -39.9, "ret_ytd": 74.5, "ret_pivot": 196.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 42.9, "ret_60": 86.1, "ret_120": 31.6, "ret_250": 89.6, "mdd_250": -31.9, "vol_250": 59.8, "pos_52w": 100.0}, "S": {"duration": 100, "pricing": 52, "hard": 52, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 903.8 倍、股息率 0.1%、毛利率近 5 年中位 38.9%、固定资产占比 33%、有息负债/EBITDA 2.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 33%),没有定价权:毛利率近 5 年中位 38.9%,稳定度 81%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -1.2%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.9%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -7.2 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 33%,资本开支/折旧 1.45 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 903.8 倍 粗算,约 99%(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 90%,最大回撤 -32%,年化波动 60%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 43% / 86% / 32%。", "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%。", "采纳股份:PE 比行业中位高 865.2倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 16.5个百分点;固定资产占比 比行业中位高 10.7个百分点。"]}}