{"F": {"ts_code": "603387.SH", "name": "基蛋生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20170717", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.27, "pe_ttm": 15.8751, "pb": 1.5993, "dv_ttm": 2.589, "total_mv": 470131.2945, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.0, 65.6, 65.1, 67.4, 69.2, 69.8], "rev_series": [11.2, 14.0, 18.2, 13.7, 11.6, 10.5], "np_series": [3.0, 4.0, 5.0, 2.8, 2.2, 2.2], "roe_series": [17.6, 20.2, 21.7, 11.1, 8.6, 8.2], "period": "20260630", "rev_ttm": 10.9, "np_ttm": 3.0, "ocf_ttm": 4.3, "fcf_ttm": 3.1, "fcf_yield": 6.6, "ocf_yield": 9.2, "gm_median": 67.4, "gm_std": 1.9, "gm_stab": 0.97, "gm_chg_2022": 2.0, "npm_median": 20.7, "roe_median": 11.1, "commodity": false, "hard_ratio": 19.0, "fix_assets": 7.2, "goodwill_ratio": 0.3, "pb_calc": 1.6, "capex_dep": 1.77, "interest_debt": 3.4, "debt_ebitda": 0.9, "debt_ratio": 19.2, "debt_mv": 7.3, "payout": 40.9, "div_years": 5, "rev_cagr3": -16.7, "np_cagr3": -23.8, "rev_yoy": 8.3, "np_yoy": 69.4, "np_vol": 27.9, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["自主产品", 43.0], ["三检合作共建及其他", 5.0], ["三检、合作共建及其他", 5.0]], "ret_prev_year": 3.8, "ret_prev2_year": -24.4, "ret_ytd": 12.8, "ret_pivot": 40.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": 18.4, "ret_120": 13.0, "ret_250": 7.7, "mdd_250": -28.4, "vol_250": 37.5, "pos_52w": 88.3}, "S": {"duration": 33, "pricing": 77, "hard": 30, "bondness": 53}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.9 倍、股息率 2.6%、毛利率近 5 年中位 67.4%、固定资产占比 19%、有息负债/EBITDA 0.9 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 67.4%),硬资产占比 19%。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 6.6%(经营现金流/市值 9.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.4%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.0 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 19%,资本开支/折旧 1.77 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.9 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 8%,最大回撤 -28%,年化波动 38%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 0% / 18% / 13%。", "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%。", "基蛋生物:PE 比行业中位低 22.7倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 12.0个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}