{"F": {"ts_code": "301267.SZ", "name": "华厦眼科", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医院", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20221107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.13, "pe_ttm": 28.2018, "pb": 2.3447, "dv_ttm": 1.703, "total_mv": 1270920.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.2, 46.0, 48.0, 49.0, 44.2, 43.3], "rev_series": [25.1, 30.6, 32.3, 40.1, 40.3, 41.4], "np_series": [3.3, 4.5, 5.1, 6.7, 4.3, 4.4], "roe_series": [26.7, 28.0, 14.7, 12.4, 7.5, 8.0], "period": "20260630", "rev_ttm": 41.9, "np_ttm": 4.5, "ocf_ttm": 9.2, "fcf_ttm": 7.3, "fcf_yield": 5.7, "ocf_yield": 7.3, "gm_median": 46.0, "gm_std": 2.2, "gm_stab": 0.95, "gm_chg_2022": 5.9, "npm_median": 14.8, "roe_median": 12.4, "commodity": false, "hard_ratio": 11.9, "fix_assets": 9.3, "goodwill_ratio": 7.6, "pb_calc": 2.34, "capex_dep": 1.18, "interest_debt": 10.6, "debt_ebitda": 1.0, "debt_ratio": 28.1, "debt_mv": 8.4, "payout": 43.1, "div_years": 4, "rev_cagr3": 8.6, "np_cagr3": -4.9, "rev_yoy": 2.2, "np_yoy": 3.5, "np_vol": 25.3, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 6, "fwd_pe": 24.9, "fwd_pe2": 21.5, "fwd_g1": 13.0, "fwd_g2": 16.0, "peg": 1.56, "consensus_disp": null, "mainbz": [["产品", 50.0], ["屈光项目", 20.0], ["眼视光综合项目", 12.0], ["白内障项目", 9.0]], "ret_prev_year": -4.0, "ret_prev2_year": -41.1, "ret_ytd": -15.0, "ret_pivot": -3.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": -2.5, "ret_120": -13.7, "ret_250": -29.2, "mdd_250": -33.6, "vol_250": 27.5, "pos_52w": 69.7}, "S": {"duration": 51, "pricing": 68, "hard": 19, "bondness": 40}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 12%,毛利率近 5 年中位 46.0%,自由现金流/市值 5.7%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 46.0%),硬资产占比 12%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.7%(经营现金流/市值 7.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.0%,稳定度 95%,2020→2022 成本通胀期毛利率变化 5.9 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 12%,资本开支/折旧 1.18 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.2 倍 粗算,约 82%(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 -29%,最大回撤 -34%,年化波动 28%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -6% / -2% / -14%。", "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%。", "华厦眼科:PE 比行业中位低 44.9倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 4.7个百分点;固定资产占比 比行业中位低 7.0个百分点。"]}}