{"F": {"ts_code": "603014.SH", "name": "威高血净", "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": "主板", "list_date": "20250519", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.34, "pe_ttm": 26.6204, "pb": 1.8107, "dv_ttm": 1.654, "total_mv": 1309241.3494, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.9, 46.5, 42.9, 43.7, 42.3, 40.2], "rev_series": [null, null, 34.3, 35.3, 36.0, 37.7], "np_series": [null, null, 3.1, 4.4, 4.5, 4.8], "roe_series": [8.9, 7.4, 7.5, 9.0, 8.4, 7.6], "period": "20260630", "rev_ttm": 37.6, "np_ttm": 4.9, "ocf_ttm": 7.3, "fcf_ttm": 5.6, "fcf_yield": 4.3, "ocf_yield": 5.6, "gm_median": 42.9, "gm_std": 2.0, "gm_stab": 0.95, "gm_chg_2022": -6.0, "npm_median": 12.5, "roe_median": 7.6, "commodity": false, "hard_ratio": 37.6, "fix_assets": 31.8, "goodwill_ratio": 0.0, "pb_calc": 1.81, "capex_dep": 0.7, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 14.6, "debt_mv": 0.2, "payout": 55.4, "div_years": 1, "rev_cagr3": 3.2, "np_cagr3": 15.3, "rev_yoy": -0.4, "np_yoy": 4.3, "np_vol": 18.0, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 7, "fwd_pe": 23.9, "fwd_pe2": 21.5, "fwd_g1": 11.0, "fwd_g2": 11.0, "peg": 2.17, "consensus_disp": null, "mainbz": [["产品", 45.0], ["耗材/制剂", 35.0], ["设备类", 9.0], ["医疗设备", 9.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -20.2, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.3, "ret_60": -5.6, "ret_120": -20.0, "ret_250": -20.3, "mdd_250": -35.2, "vol_250": 36.8, "pos_52w": 67.9}, "S": {"duration": 49, "pricing": 58, "hard": 60, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.6 倍、股息率 1.7%、毛利率近 5 年中位 42.9%、固定资产占比 38%、有息负债/EBITDA 0.0 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 42.9% 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 4.3%(经营现金流/市值 5.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.9%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -6.0 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 0.70 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.6 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 -20%,最大回撤 -35%,年化波动 37%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -8% / -6% / -20%。", "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%。", "威高血净:PE 比行业中位低 12.0倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 12.5个百分点;固定资产占比 比行业中位高 15.7个百分点。"]}}