{"F": {"ts_code": "301367.SZ", "name": "瑞迈特", "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": "20221101", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 46.46, "pe_ttm": 26.3514, "pb": 1.9026, "dv_ttm": 1.0115, "total_mv": 582071.3224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [64.9, 43.2, 41.6, 46.1, 48.3, 52.9], "rev_series": [5.6, 6.6, 14.2, 11.2, 8.4, 11.6], "np_series": [2.3, 1.5, 3.8, 3.0, 1.6, 2.3], "roe_series": [86.2, 33.7, 24.5, 11.0, 5.5, 7.7], "period": "20260630", "rev_ttm": 13.8, "np_ttm": 2.2, "ocf_ttm": 1.7, "fcf_ttm": 1.3, "fcf_yield": 2.3, "ocf_yield": 3.0, "gm_median": 46.1, "gm_std": 4.0, "gm_stab": 0.91, "gm_chg_2022": -23.2, "npm_median": 22.0, "roe_median": 11.0, "commodity": false, "hard_ratio": 1.0, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 1.9, "capex_dep": 4.68, "interest_debt": 1.9, "debt_ebitda": 0.6, "debt_ratio": 14.4, "debt_mv": 3.3, "payout": 23.0, "div_years": 4, "rev_cagr3": -6.4, "np_cagr3": -16.0, "rev_yoy": 40.3, "np_yoy": -3.6, "np_vol": 77.5, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 8, "fwd_pe": 16.3, "fwd_pe2": 13.1, "fwd_g1": 62.0, "fwd_g2": 25.0, "peg": 0.65, "consensus_disp": null, "mainbz": [["产品", 37.0], ["家用呼吸诊疗产品", 26.0], ["家用呼吸机", 26.0], ["耗材", 10.0]], "ret_prev_year": 37.3, "ret_prev2_year": -27.3, "ret_ytd": -23.5, "ret_pivot": 5.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": 11.2, "ret_120": -9.0, "ret_250": -32.1, "mdd_250": -44.5, "vol_250": 47.4, "pos_52w": 66.8}, "S": {"duration": 48, "pricing": 59, "hard": 2, "bondness": 36}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 26.4 倍、股息率 1.0%、毛利率近 5 年中位 46.1%、固定资产占比 1%、有息负债/EBITDA 0.6 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 46.1%),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 2.3%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.1%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -23.2 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 4.68 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.4 倍 粗算,约 81%(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 -32%,最大回撤 -44%,年化波动 47%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -3% / 11% / -9%。", "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%。", "瑞迈特:PE 比行业中位低 12.2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 9.3个百分点;固定资产占比 比行业中位低 20.9个百分点。"]}}