{"F": {"ts_code": "301580.SZ", "name": "爱迪特", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20240626", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 52.83, "pe_ttm": 37.7674, "pb": 3.6013, "dv_ttm": 0.6219, "total_mv": 788172.8832, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.8, 38.1, 45.4, 49.1, 52.9, 52.6], "rev_series": [null, null, 6.0, 7.8, 8.9, 10.3], "np_series": [null, null, 1.2, 1.5, 1.5, 2.0], "roe_series": [19.6, 10.7, 13.7, 14.8, 9.8, 9.5], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 2.1, "ocf_ttm": 2.3, "fcf_ttm": 1.4, "fcf_yield": 1.7, "ocf_yield": 2.9, "gm_median": 49.1, "gm_std": 5.5, "gm_stab": 0.89, "gm_chg_2022": 2.6, "npm_median": 18.9, "roe_median": 10.7, "commodity": false, "hard_ratio": 8.4, "fix_assets": 2.1, "goodwill_ratio": 2.1, "pb_calc": 3.6, "capex_dep": 3.34, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 12.8, "debt_mv": 0.1, "payout": 26.9, "div_years": 2, "rev_cagr3": 19.7, "np_cagr3": 19.2, "rev_yoy": 19.8, "np_yoy": 13.5, "np_vol": 36.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 6, "fwd_pe": 28.3, "fwd_pe2": 19.1, "fwd_g1": 34.0, "fwd_g2": 48.0, "peg": 0.59, "consensus_disp": null, "mainbz": [["产品", 50.0], ["口腔修复材料", 35.0], ["口腔数字化设备", 12.0], ["其他产品及服务", 3.0]], "ret_prev_year": 7.8, "ret_prev2_year": null, "ret_ytd": 69.1, "ret_pivot": 126.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.1, "ret_60": 16.9, "ret_120": -13.8, "ret_250": 48.7, "mdd_250": -45.2, "vol_250": 71.7, "pos_52w": 62.9}, "S": {"duration": 61, "pricing": 65, "hard": 13, "bondness": 13}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 37.8 倍、股息率 0.6%、毛利率近 5 年中位 49.1%、固定资产占比 8%、有息负债/EBITDA 0.0 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 49.1%),硬资产占比 8%。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 1.7%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.1%,稳定度 89%,2020→2022 成本通胀期毛利率变化 2.6 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 8%,资本开支/折旧 3.34 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.8 倍 粗算,约 87%(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 49%,最大回撤 -45%,年化波动 72%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -5% / 17% / -14%。", "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%。", "爱迪特:PE 比行业中位低 0.8倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 6.3个百分点;固定资产占比 比行业中位低 13.5个百分点。"]}}