{"F": {"ts_code": "603987.SH", "name": "康德莱", "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": "20161121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.57, "pe_ttm": 14.5302, "pb": 1.1689, "dv_ttm": 2.2457, "total_mv": 330650.7113, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.6, 38.4, 33.7, 32.5, 32.5, 33.1], "rev_series": [26.5, 31.0, 31.2, 24.5, 22.6, 23.0], "np_series": [2.0, 2.9, 3.1, 2.3, 2.2, 2.4], "roe_series": [12.0, 15.2, 14.5, 10.0, 8.7, 9.1], "period": "20260630", "rev_ttm": 22.6, "np_ttm": 2.3, "ocf_ttm": 4.5, "fcf_ttm": 3.4, "fcf_yield": 10.3, "ocf_yield": 13.6, "gm_median": 33.1, "gm_std": 2.2, "gm_stab": 0.93, "gm_chg_2022": -4.9, "npm_median": 11.4, "roe_median": 10.0, "commodity": false, "hard_ratio": 29.4, "fix_assets": 12.6, "goodwill_ratio": 4.0, "pb_calc": 1.17, "capex_dep": 0.81, "interest_debt": 6.3, "debt_ebitda": 1.5, "debt_ratio": 26.8, "debt_mv": 19.2, "payout": 30.6, "div_years": 5, "rev_cagr3": -9.7, "np_cagr3": -8.3, "rev_yoy": -3.2, "np_yoy": -10.2, "np_vol": 23.0, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["穿刺护理类", 31.0], ["标本采集类", 7.0], ["其他类", 4.0]], "ret_prev_year": 22.9, "ret_prev2_year": -24.3, "ret_ytd": -10.2, "ret_pivot": 37.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.0, "ret_60": 5.3, "ret_120": -16.3, "ret_250": -11.9, "mdd_250": -28.0, "vol_250": 27.4, "pos_52w": 79.5}, "S": {"duration": 30, "pricing": 53, "hard": 47, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.5 倍、股息率 2.2%、毛利率近 5 年中位 33.1%、固定资产占比 29%、有息负债/EBITDA 1.5 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 33.1%),硬资产占比 29%。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 10.3%(经营现金流/市值 13.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.1%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.9 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 29%,资本开支/折旧 0.81 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.5 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,最大回撤 -28%,年化波动 27%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 2% / 5% / -16%。", "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%。", "康德莱:PE 比行业中位低 24.1倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位低 22.3个百分点;固定资产占比 比行业中位高 7.5个百分点。"]}}