{"F": {"ts_code": "688026.SH", "name": "洁特生物", "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": "20200122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.65, "pe_ttm": 127.6083, "pb": 2.6679, "dv_ttm": 0.3467, "total_mv": 289852.486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.3, 41.9, 31.8, 30.6, 41.4, 41.4], "rev_series": [5.0, 8.6, 6.1, 4.6, 5.6, 5.6], "np_series": [1.2, 1.7, 0.9, 0.3, 0.7, 0.5], "roe_series": [20.9, 19.4, 8.3, 3.0, 6.2, 4.0], "period": "20260630", "rev_ttm": 5.7, "np_ttm": 0.2, "ocf_ttm": 1.4, "fcf_ttm": 0.7, "fcf_yield": 2.4, "ocf_yield": 4.9, "gm_median": 41.4, "gm_std": 5.1, "gm_stab": 0.88, "gm_chg_2022": -14.5, "npm_median": 13.1, "roe_median": 6.2, "commodity": false, "hard_ratio": 34.0, "fix_assets": 5.9, "goodwill_ratio": 0.0, "pb_calc": 2.42, "capex_dep": 1.35, "interest_debt": 4.0, "debt_ebitda": 2.6, "debt_ratio": 30.3, "debt_mv": 13.6, "payout": 21.1, "div_years": 5, "rev_cagr3": -2.6, "np_cagr3": -18.1, "rev_yoy": 3.5, "np_yoy": -55.1, "np_vol": 64.4, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 1, "fwd_pe": 35.6, "fwd_pe2": 30.4, "fwd_g1": 258.0, "fwd_g2": 17.0, "peg": 2.09, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 47.0], ["其他业务", 3.0]], "ret_prev_year": 26.4, "ret_prev2_year": -25.5, "ret_ytd": 28.8, "ret_pivot": 104.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 24.8, "ret_60": 61.8, "ret_120": 16.6, "ret_250": 6.0, "mdd_250": -42.2, "vol_250": 52.9, "pos_52w": 98.6}, "S": {"duration": 96, "pricing": 55, "hard": 54, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 127.6 倍、股息率 0.3%、毛利率近 5 年中位 41.4%、固定资产占比 34%、有息负债/EBITDA 2.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 34%、毛利率 41.4% 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": "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 2.4%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.4%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -14.5 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 34%,资本开支/折旧 1.35 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 127.6 倍 粗算,约 96%(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 6%,最大回撤 -42%,年化波动 53%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 25% / 62% / 17%。", "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%。", "洁特生物:PE 比行业中位高 89.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 14.0个百分点;固定资产占比 比行业中位高 12.1个百分点。"]}}