{"F": {"ts_code": "600587.SH", "name": "新华医疗", "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": "主板", "list_date": "20020927", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.67, "pe_ttm": 18.0471, "pb": 0.9682, "dv_ttm": 2.7625, "total_mv": 768618.5815, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.3, 24.3, 26.4, 27.4, 26.1, 25.1], "rev_series": [91.5, 94.8, 92.8, 100.1, 100.2, 97.4], "np_series": [2.3, 5.6, 5.0, 6.5, 6.9, 5.3], "roe_series": [5.5, 12.0, 9.8, 10.3, 9.3, 6.9], "period": "20260630", "rev_ttm": 101.1, "np_ttm": 4.3, "ocf_ttm": 7.2, "fcf_ttm": 5.5, "fcf_yield": 7.2, "ocf_yield": 9.4, "gm_median": 26.1, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": 3.2, "npm_median": 5.9, "roe_median": 9.8, "commodity": false, "hard_ratio": 21.2, "fix_assets": 31.7, "goodwill_ratio": 1.6, "pb_calc": 0.98, "capex_dep": 0.82, "interest_debt": 10.8, "debt_ebitda": 1.2, "debt_ratio": 45.2, "debt_mv": 14.0, "payout": 35.0, "div_years": 5, "rev_cagr3": 1.6, "np_cagr3": 1.5, "rev_yoy": 7.7, "np_yoy": -26.0, "np_vol": 57.7, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.5, "consensus_n": 2, "fwd_pe": 12.0, "fwd_pe2": 11.0, "fwd_g1": 50.0, "fwd_g2": 10.0, "peg": 1.2, "consensus_disp": null, "mainbz": [["产品", 37.0], ["医疗器械制造产品", 14.0], ["医疗器械", 14.0], ["医疗商贸商品", 11.0]], "ret_prev_year": -10.9, "ret_prev2_year": -14.9, "ret_ytd": -11.4, "ret_pivot": -17.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": 1.5, "ret_120": -16.8, "ret_250": -24.5, "mdd_250": -31.6, "vol_250": 26.1, "pos_52w": 75.4}, "S": {"duration": 36, "pricing": 57, "hard": 34, "bondness": 51}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.0 倍、股息率 2.8%、毛利率近 5 年中位 26.1%、固定资产占比 21%、有息负债/EBITDA 1.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 21%,毛利率近 5 年中位 26.1%。", "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 7.2%(经营现金流/市值 9.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 3.2 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 21%,资本开支/折旧 0.82 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.0 倍 粗算,约 72%(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 -24%,最大回撤 -32%,年化波动 26%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -1% / 2% / -17%。", "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%。", "新华医疗:PE 比行业中位低 20.6倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位低 29.3个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}