{"F": {"ts_code": "688050.SH", "name": "爱博医疗", "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": "20200729", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 39.33, "pe_ttm": 32.0381, "pb": 2.6361, "dv_ttm": 0.813, "total_mv": 760790.4741, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [83.9, 84.3, 84.8, 76.0, 66.2, 63.5], "rev_series": [2.7, 4.3, 5.8, 9.5, 14.1, 14.8], "np_series": [1.0, 1.7, 2.3, 3.0, 3.9, 2.7], "roe_series": [9.0, 10.7, 13.2, 15.2, 17.1, 10.3], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 2.4, "ocf_ttm": 3.4, "fcf_ttm": 2.1, "fcf_yield": 2.8, "ocf_yield": 4.4, "gm_median": 76.0, "gm_std": 8.9, "gm_stab": 0.88, "gm_chg_2022": 0.8, "npm_median": 30.1, "roe_median": 13.2, "commodity": false, "hard_ratio": 29.9, "fix_assets": 14.2, "goodwill_ratio": 14.9, "pb_calc": 2.64, "capex_dep": 0.82, "interest_debt": 12.1, "debt_ebitda": 2.2, "debt_ratio": 33.8, "debt_mv": 15.9, "payout": 34.1, "div_years": 5, "rev_cagr3": 36.8, "np_cagr3": 4.8, "rev_yoy": 18.6, "np_yoy": -14.4, "np_vol": 34.6, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.1, "consensus_n": 8, "fwd_pe": 19.0, "fwd_pe2": 16.0, "fwd_g1": 69.0, "fwd_g2": 19.0, "peg": 1.0, "consensus_disp": null, "mainbz": [["产品", 48.0], ["人工晶状体", 16.0], ["隐形眼镜", 15.0], ["角膜塑形镜", 6.0]], "ret_prev_year": -33.2, "ret_prev2_year": -4.5, "ret_ytd": -34.8, "ret_pivot": -44.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.2, "ret_60": -0.8, "ret_120": -28.2, "ret_250": -49.9, "mdd_250": -55.8, "vol_250": 31.0, "pos_52w": 47.9}, "S": {"duration": 55, "pricing": 77, "hard": 48, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.0 倍、股息率 0.8%、毛利率近 5 年中位 76.0%、固定资产占比 30%、有息负债/EBITDA 2.2 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 76.0%),硬资产占比 30%。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 2.8%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 76.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 0.8 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 30%,资本开支/折旧 0.82 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.0 倍 粗算,约 84%(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 -50%,最大回撤 -56%,年化波动 31%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -4% / -1% / -28%。", "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%。", "爱博医疗:PE 比行业中位低 6.6倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 20.6个百分点;固定资产占比 比行业中位高 8.0个百分点。"]}}