{"F": {"ts_code": "688016.SH", "name": "心脉医疗", "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": "科创板", "list_date": "20190722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 87.08, "pe_ttm": 18.7967, "pb": 2.5211, "dv_ttm": 2.5902, "total_mv": 1073366.3668, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [79.1, 78.0, 75.2, 76.5, 73.0, 71.1], "rev_series": [4.7, 6.8, 9.0, 11.9, 12.1, 13.5], "np_series": [2.1, 3.2, 3.6, 4.9, 5.0, 5.6], "roe_series": [18.7, 23.2, 22.2, 17.7, 13.2, 14.3], "period": "20260630", "rev_ttm": 14.3, "np_ttm": 5.7, "ocf_ttm": 5.4, "fcf_ttm": 2.9, "fcf_yield": 2.7, "ocf_yield": 5.1, "gm_median": 75.2, "gm_std": 2.5, "gm_stab": 0.97, "gm_chg_2022": -3.9, "npm_median": 41.0, "roe_median": 17.7, "commodity": false, "hard_ratio": 17.1, "fix_assets": 8.5, "goodwill_ratio": 9.0, "pb_calc": 2.52, "capex_dep": 23.05, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 13.7, "debt_mv": 0.2, "payout": 77.4, "div_years": 5, "rev_cagr3": 14.6, "np_cagr3": 16.4, "rev_yoy": 11.1, "np_yoy": 2.5, "np_vol": 17.1, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.3, "consensus_n": 10, "fwd_pe": 16.9, "fwd_pe2": 14.8, "fwd_g1": 11.0, "fwd_g2": 14.0, "peg": 1.21, "consensus_disp": null, "mainbz": [["产品", 36.0], ["主动脉类", 27.0], ["主动脉支架类", 27.0], ["外周及其他", 9.0]], "ret_prev_year": -15.4, "ret_prev2_year": -13.8, "ret_ytd": -3.9, "ret_pivot": 15.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.6, "ret_60": -4.7, "ret_120": -18.0, "ret_250": -25.5, "mdd_250": -25.8, "vol_250": 31.8, "pos_52w": 75.1}, "S": {"duration": 37, "pricing": 76, "hard": 27, "bondness": 48}, "label": "定价权·品牌", "tags": ["资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 17%)但有定价权:毛利率近 5 年中位 75.2%,稳定度 97%、ROE 近 5 年中位 17.7%。", "自由现金流/市值 2.7%,分红率 77%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 75.2%),硬资产占比 17%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.7%(经营现金流/市值 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 75.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -3.9 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 17%,资本开支/折旧 23.05 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.8 倍 粗算,约 73%(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 -26%,最大回撤 -26%,年化波动 32%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -8% / -5% / -18%。", "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%。", "心脉医疗:PE 比行业中位低 19.8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 19.8个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}