{"F": {"ts_code": "301363.SZ", "name": "美好医疗", "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": "20221012", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.03, "pe_ttm": 43.532, "pb": 3.4555, "dv_ttm": 1.2459, "total_mv": 1275934.7804, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.0, 44.9, 43.0, 41.2, 42.1, 40.1], "rev_series": [8.9, 11.4, 14.2, 13.4, 15.9, 16.3], "np_series": [2.6, 3.1, 4.0, 3.1, 3.6, 2.8], "roe_series": [24.2, 24.2, 18.2, 10.1, 10.9, 7.8], "period": "20260630", "rev_ttm": 17.1, "np_ttm": 2.9, "ocf_ttm": 4.1, "fcf_ttm": 1.1, "fcf_yield": 0.9, "ocf_yield": 3.2, "gm_median": 42.1, "gm_std": 1.6, "gm_stab": 0.96, "gm_chg_2022": -7.0, "npm_median": 23.4, "roe_median": 10.9, "commodity": false, "hard_ratio": 38.3, "fix_assets": 16.1, "goodwill_ratio": 0.0, "pb_calc": 3.46, "capex_dep": 2.61, "interest_debt": 1.1, "debt_ebitda": 0.2, "debt_ratio": 12.2, "debt_mv": 0.9, "payout": 20.8, "div_years": 4, "rev_cagr3": 4.7, "np_cagr3": -11.0, "rev_yoy": 11.0, "np_yoy": 8.8, "np_vol": 22.1, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 14, "fwd_pe": 28.8, "fwd_pe2": 22.9, "fwd_g1": 51.0, "fwd_g2": 26.0, "peg": 1.11, "consensus_disp": null, "mainbz": [["医疗产品组件", 81.0], ["健康及食用安全产品组件", 14.0], ["智能装备与技术服务", 4.0], ["其他类", 1.0]], "ret_prev_year": 4.6, "ret_prev2_year": -11.7, "ret_ytd": -5.9, "ret_pivot": 19.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.8, "ret_60": -9.3, "ret_120": -21.1, "ret_250": -14.8, "mdd_250": -49.7, "vol_250": 67.4, "pos_52w": 53.0}, "S": {"duration": 66, "pricing": 58, "hard": 61, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 43.5 倍、股息率 1.2%、毛利率近 5 年中位 42.1%、固定资产占比 38%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 38%、毛利率 42.1% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.9%(经营现金流/市值 3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -7.0 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 38%,资本开支/折旧 2.61 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.5 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 -15%,最大回撤 -50%,年化波动 67%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -9% / -9% / -21%。", "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%。", "美好医疗:PE 比行业中位高 4.9倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 13.3个百分点;固定资产占比 比行业中位高 16.4个百分点。"]}}