{"F": {"ts_code": "301235.SZ", "name": "华康洁净", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20220128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 46.9, "pe_ttm": 58.0382, "pb": 3.4148, "dv_ttm": 0.3196, "total_mv": 653082.5, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.1, 37.3, 38.3, 38.0, 34.9, 32.8], "rev_series": [7.6, 8.6, 11.9, 16.0, 17.1, 22.9], "np_series": [0.5, 0.8, 1.0, 1.1, 0.7, 1.2], "roe_series": [10.9, 14.8, 9.1, 6.3, 3.8, 6.4], "period": "20260630", "rev_ttm": 24.7, "np_ttm": 1.1, "ocf_ttm": -1.9, "fcf_ttm": -2.2, "fcf_yield": -3.4, "ocf_yield": -2.9, "gm_median": 37.3, "gm_std": 2.1, "gm_stab": 0.94, "gm_chg_2022": 5.2, "npm_median": 6.7, "roe_median": 6.4, "commodity": false, "hard_ratio": 9.9, "fix_assets": 4.5, "goodwill_ratio": 0.0, "pb_calc": 3.39, "capex_dep": 0.86, "interest_debt": 11.1, "debt_ebitda": 5.2, "debt_ratio": 57.0, "debt_mv": 17.0, "payout": 9.8, "div_years": 5, "rev_cagr3": 24.4, "np_cagr3": 4.8, "rev_yoy": 22.6, "np_yoy": -28.5, "np_vol": 39.7, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 4, "fwd_pe": 24.3, "fwd_pe2": 16.7, "fwd_g1": 139.0, "fwd_g2": 46.0, "peg": 0.53, "consensus_disp": null, "mainbz": [["产品", 35.0], ["净化系统集成业务", 28.0], ["净化系统集成", 28.0], ["医疗耗材销售", 3.0]], "ret_prev_year": 83.7, "ret_prev2_year": -21.0, "ret_ytd": 27.9, "ret_pivot": 198.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": -36.1, "ret_120": -3.8, "ret_250": 39.4, "mdd_250": -56.5, "vol_250": 80.9, "pos_52w": 61.7}, "S": {"duration": 77, "pricing": 63, "hard": 16, "bondness": 20}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 58.0 倍、股息率 0.3%、毛利率近 5 年中位 37.3%、固定资产占比 10%、有息负债/EBITDA 5.2 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 37.3%),硬资产占比 10%。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 -3.4%(经营现金流/市值 -2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.3%,稳定度 94%,2020→2022 成本通胀期毛利率变化 5.2 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 10%,资本开支/折旧 0.86 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.0 倍 粗算,约 91%(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 39%,最大回撤 -56%,年化波动 81%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 7% / -36% / -4%。", "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%。", "华康洁净:PE 比行业中位高 19.4倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 18.1个百分点;固定资产占比 比行业中位低 12.0个百分点。"]}}