{"F": {"ts_code": "301257.SZ", "name": "普蕊斯", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20220517", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.4, "pe_ttm": 52.2401, "pb": 2.3968, "dv_ttm": 0.3854, "total_mv": 303378.432, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.1, 26.1, 27.3, 30.4, 24.4, 25.9], "rev_series": [3.4, 5.0, 5.9, 7.6, 8.0, 8.4], "np_series": [0.4, 0.6, 0.7, 1.3, 1.1, 1.1], "roe_series": [24.3, 29.3, 12.3, 13.3, 9.4, 9.0], "period": "20260630", "rev_ttm": 8.2, "np_ttm": 0.6, "ocf_ttm": 0.1, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 0.4, "gm_median": 26.1, "gm_std": 2.0, "gm_stab": 0.92, "gm_chg_2022": -1.8, "npm_median": 13.0, "roe_median": 12.3, "commodity": false, "hard_ratio": 0.9, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 2.4, "capex_dep": 1.56, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 17.3, "debt_mv": 0.1, "payout": 10.7, "div_years": 4, "rev_cagr3": 12.8, "np_cagr3": 14.8, "rev_yoy": -4.5, "np_yoy": -95.2, "np_vol": 39.0, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 2, "fwd_pe": 21.9, "fwd_pe2": 18.3, "fwd_g1": 139.0, "fwd_g2": 19.0, "peg": 1.15, "consensus_disp": null, "mainbz": [["产品", 50.0], ["SMO业务", 50.0], ["CRO业务", 0.0], ["其他业务", 0.0]], "ret_prev_year": 94.5, "ret_prev2_year": -44.7, "ret_ytd": -26.1, "ret_pivot": 56.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -18.6, "ret_60": -5.3, "ret_120": -38.0, "ret_250": -1.1, "mdd_250": -54.7, "vol_250": 69.3, "pos_52w": 46.4}, "S": {"duration": 73, "pricing": 51, "hard": 1, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 52.2 倍、股息率 0.4%、毛利率近 5 年中位 26.1%、固定资产占比 1%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 1%,毛利率近 5 年中位 26.1%。", "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 0.1%(经营现金流/市值 0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -1.8 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 1%,资本开支/折旧 1.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.2 倍 粗算,约 90%(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 -1%,最大回撤 -55%,年化波动 69%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -19% / -5% / -38%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "普蕊斯:PE 比行业中位低 20.9倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 15.2个百分点;固定资产占比 比行业中位低 18.0个百分点。"]}}