{"F": {"ts_code": "603309.SH", "name": "维力医疗", "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": "20150302", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.27, "pe_ttm": 57.456, "pb": 1.8494, "dv_ttm": 4.4366, "total_mv": 328939.0678, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.8, 42.4, 43.2, 45.9, 44.5, 44.7], "rev_series": [11.3, 11.2, 13.6, 13.9, 15.1, 16.3], "np_series": [1.5, 1.1, 1.7, 1.9, 2.2, 0.8], "roe_series": [14.2, 7.8, 10.1, 10.9, 11.9, 4.2], "period": "20260630", "rev_ttm": 16.5, "np_ttm": 0.6, "ocf_ttm": 4.6, "fcf_ttm": 2.5, "fcf_yield": 7.5, "ocf_yield": 13.9, "gm_median": 44.5, "gm_std": 1.2, "gm_stab": 0.97, "gm_chg_2022": -0.6, "npm_median": 13.0, "roe_median": 10.1, "commodity": false, "hard_ratio": 26.3, "fix_assets": 7.2, "goodwill_ratio": 5.3, "pb_calc": 1.85, "capex_dep": 2.99, "interest_debt": 6.0, "debt_ebitda": 1.6, "debt_ratio": 34.3, "debt_mv": 18.1, "payout": 75.8, "div_years": 5, "rev_cagr3": 6.2, "np_cagr3": -22.9, "rev_yoy": 3.2, "np_yoy": -15.8, "np_vol": 42.1, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 4, "fwd_pe": 12.4, "fwd_pe2": 10.4, "fwd_g1": 364.0, "fwd_g2": 19.0, "peg": 0.65, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 19.2, "ret_prev2_year": -13.7, "ret_ytd": -13.9, "ret_pivot": 27.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.8, "ret_60": -1.1, "ret_120": -26.1, "ret_250": -21.0, "mdd_250": -29.3, "vol_250": 34.2, "pos_52w": 72.0}, "S": {"duration": 76, "pricing": 63, "hard": 42, "bondness": 72}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 76%、股息率 4.4%、营收 3 年复合 6.2%、有息负债/EBITDA 1.6 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 44.5%),硬资产占比 26%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.5%(经营现金流/市值 13.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.5%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -0.6 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 26%,资本开支/折旧 2.99 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 57.5 倍 粗算,约 91%(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 -21%,最大回撤 -29%,年化波动 34%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 -3% / -1% / -26%。", "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%。", "维力医疗:PE 比行业中位高 18.9倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位低 10.9个百分点;固定资产占比 比行业中位高 4.4个百分点。"]}}