{"F": {"ts_code": "301333.SZ", "name": "诺思格", "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": "20220802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 56.17, "pe_ttm": 45.1155, "pb": 2.7144, "dv_ttm": 0.2831, "total_mv": 542497.1621, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.3, 38.3, 36.8, 39.8, 37.1, 34.7], "rev_series": [4.8, 6.1, 6.4, 7.2, 7.4, 8.5], "np_series": [0.8, 1.0, 1.1, 1.6, 1.4, 1.4], "roe_series": [29.9, 26.6, 11.3, 9.7, 7.8, 7.2], "period": "20260630", "rev_ttm": 9.4, "np_ttm": 1.2, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 0.8, "ocf_yield": 1.2, "gm_median": 37.1, "gm_std": 1.7, "gm_stab": 0.95, "gm_chg_2022": -2.4, "npm_median": 17.9, "roe_median": 9.7, "commodity": false, "hard_ratio": 1.3, "fix_assets": 0.3, "goodwill_ratio": 3.6, "pb_calc": 2.71, "capex_dep": 2.69, "interest_debt": 0.4, "debt_ebitda": 0.3, "debt_ratio": 16.5, "debt_mv": 0.8, "payout": 10.9, "div_years": 4, "rev_cagr3": 10.1, "np_cagr3": 6.4, "rev_yoy": 23.3, "np_yoy": -27.2, "np_vol": 19.5, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 2, "fwd_pe": 35.6, "fwd_pe2": 30.6, "fwd_g1": 27.0, "fwd_g2": 16.0, "peg": 2.23, "consensus_disp": null, "mainbz": [["产品", 50.0], ["临床试验相关及实验室服务", 25.0], ["临床试验技术服务", 25.0]], "ret_prev_year": 19.6, "ret_prev2_year": -22.3, "ret_ytd": -5.4, "ret_pivot": 47.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.1, "ret_60": 26.5, "ret_120": -13.2, "ret_250": 1.4, "mdd_250": -51.3, "vol_250": 63.1, "pos_52w": 61.7}, "S": {"duration": 68, "pricing": 58, "hard": 2, "bondness": 16}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 45.1 倍、股息率 0.3%、毛利率近 5 年中位 37.1%、固定资产占比 1%、有息负债/EBITDA 0.3 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 37.1%),硬资产占比 1%。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 0.8%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.1%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.4 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 2.69 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.1 倍 粗算,约 89%(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 -51%,年化波动 63%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -1% / 26% / -13%。", "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%。", "诺思格:PE 比行业中位低 28.0倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 4.2个百分点;固定资产占比 比行业中位低 17.6个百分点。"]}}