{"F": {"ts_code": "603658.SH", "name": "安图生物", "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": "20160901", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.98, "pe_ttm": 18.9567, "pb": 2.1726, "dv_ttm": 3.9721, "total_mv": 1884558.9904, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.7, 59.5, 59.8, 65.1, 65.4, 65.6], "rev_series": [29.8, 37.7, 44.4, 44.4, 44.7, 42.3], "np_series": [7.5, 9.7, 11.7, 12.2, 11.9, 10.7], "roe_series": [16.6, 14.2, 15.5, 14.9, 13.9, 12.2], "period": "20260630", "rev_ttm": 42.2, "np_ttm": 9.9, "ocf_ttm": 11.5, "fcf_ttm": 6.4, "fcf_yield": 3.4, "ocf_yield": 6.1, "gm_median": 65.1, "gm_std": 2.8, "gm_stab": 0.96, "gm_chg_2022": 0.1, "npm_median": 26.8, "roe_median": 14.2, "commodity": false, "hard_ratio": 31.4, "fix_assets": 37.0, "goodwill_ratio": 1.4, "pb_calc": 2.17, "capex_dep": 1.22, "interest_debt": 0.6, "debt_ebitda": 0.0, "debt_ratio": 25.6, "debt_mv": 0.3, "payout": 70.1, "div_years": 5, "rev_cagr3": -1.6, "np_cagr3": -2.9, "rev_yoy": -0.1, "np_yoy": -12.9, "np_vol": 14.8, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.3, "consensus_n": 13, "fwd_pe": 16.7, "fwd_pe2": 14.7, "fwd_g1": 13.0, "fwd_g2": 14.0, "peg": 1.19, "consensus_disp": null, "mainbz": [["产品", 33.0], ["试剂类", 28.0], ["试剂", 28.0], ["仪器类", 4.0]], "ret_prev_year": -16.9, "ret_prev2_year": -23.1, "ret_ytd": -3.3, "ret_pivot": -7.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": 6.2, "ret_120": -1.6, "ret_250": -19.9, "mdd_250": -30.0, "vol_250": 23.4, "pos_52w": 80.3}, "S": {"duration": 38, "pricing": 74, "hard": 50, "bondness": 68}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 70%、股息率 4.0%、营收 3 年复合 -1.6%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 65.1% 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": "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 3.4%(经营现金流/市值 6.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 65.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 0.1 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 31%,资本开支/折旧 1.22 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.0 倍 粗算,约 74%(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 -30%,年化波动 23%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 2% / 6% / -2%。", "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%。", "安图生物:PE 比行业中位低 19.6倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 9.7个百分点;固定资产占比 比行业中位高 9.5个百分点。"]}}