{"F": {"ts_code": "605369.SH", "name": "拱东医疗", "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": "20200916", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.91, "pe_ttm": 66.5508, "pb": 2.1868, "dv_ttm": 0.8887, "total_mv": 371686.873, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.5, 44.4, 39.5, 32.7, 32.8, 27.9], "rev_series": [8.3, 11.9, 14.7, 9.8, 11.2, 11.4], "np_series": [2.3, 3.1, 3.3, 1.1, 1.7, 0.5], "roe_series": [28.0, 24.0, 21.9, 6.8, 10.3, 3.0], "period": "20260630", "rev_ttm": 11.7, "np_ttm": 0.6, "ocf_ttm": 2.9, "fcf_ttm": 1.6, "fcf_yield": 4.4, "ocf_yield": 7.9, "gm_median": 32.8, "gm_std": 5.8, "gm_stab": 0.82, "gm_chg_2022": -10.0, "npm_median": 15.4, "roe_median": 10.3, "commodity": false, "hard_ratio": 30.4, "fix_assets": 6.6, "goodwill_ratio": 7.7, "pb_calc": 2.19, "capex_dep": 1.4, "interest_debt": 2.4, "debt_ebitda": 1.1, "debt_ratio": 20.6, "debt_mv": 6.4, "payout": 91.7, "div_years": 5, "rev_cagr3": -8.2, "np_cagr3": -45.9, "rev_yoy": 5.6, "np_yoy": 8.6, "np_vol": 52.5, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 1, "fwd_pe": 28.7, "fwd_pe2": 24.9, "fwd_g1": 132.0, "fwd_g2": 15.0, "peg": 1.91, "consensus_disp": null, "mainbz": [["产品", 39.0], ["医疗检测类", 16.0], ["医疗检测", 16.0], ["血液收集类", 9.0]], "ret_prev_year": -5.7, "ret_prev2_year": -29.1, "ret_ytd": -8.6, "ret_pivot": -10.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.5, "ret_60": 4.8, "ret_120": -6.1, "ret_250": -16.6, "mdd_250": -32.3, "vol_250": 34.4, "pos_52w": 75.7}, "S": {"duration": 81, "pricing": 49, "hard": 49, "bondness": 61}, "label": "中性", "tags": [], "text": {"像什么": ["PE 66.6 倍、股息率 0.9%、毛利率近 5 年中位 32.8%、固定资产占比 30%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 30%),没有定价权:毛利率近 5 年中位 32.8%,稳定度 82%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 4.4%(经营现金流/市值 7.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.8%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -10.0 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 30%,资本开支/折旧 1.40 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 66.6 倍 粗算,约 92%(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 -17%,最大回撤 -32%,年化波动 34%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -2% / 5% / -6%。", "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%。", "拱东医疗:PE 比行业中位高 28.0倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 22.6个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}