{"F": {"ts_code": "688067.SH", "name": "爱威科技", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20210616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.47, "pe_ttm": 49.1156, "pb": 3.038, "dv_ttm": 0.6492, "total_mv": 159596.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.3, 58.9, 53.9, 56.7, 59.5, 60.5], "rev_series": [1.8, 2.1, 2.0, 2.0, 2.0, 2.2], "np_series": [0.3, 0.3, 0.2, 0.2, 0.2, 0.3], "roe_series": [12.3, 8.8, 3.8, 4.5, 4.6, 5.7], "period": "20260630", "rev_ttm": 2.2, "np_ttm": 0.3, "ocf_ttm": 0.3, "fcf_ttm": 0.3, "fcf_yield": 1.9, "ocf_yield": 2.2, "gm_median": 58.9, "gm_std": 2.4, "gm_stab": 0.96, "gm_chg_2022": -5.5, "npm_median": 11.2, "roe_median": 4.6, "commodity": false, "hard_ratio": 20.9, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 3.04, "capex_dep": 0.37, "interest_debt": 0.4, "debt_ebitda": 1.0, "debt_ratio": 16.9, "debt_mv": 2.5, "payout": 31.2, "div_years": 5, "rev_cagr3": 3.7, "np_cagr3": 17.1, "rev_yoy": 3.4, "np_yoy": 25.8, "np_vol": 24.1, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["试剂", 23.0], ["仪器", 17.0], ["耗材", 9.0]], "ret_prev_year": 48.5, "ret_prev2_year": -29.8, "ret_ytd": -4.0, "ret_pivot": 84.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": 6.5, "ret_120": -17.8, "ret_250": -13.5, "mdd_250": -38.5, "vol_250": 35.6, "pos_52w": 79.5}, "S": {"duration": 71, "pricing": 67, "hard": 33, "bondness": 34}, "label": "中性", "tags": [], "text": {"像什么": ["PE 49.1 倍、股息率 0.6%、毛利率近 5 年中位 58.9%、固定资产占比 21%、有息负债/EBITDA 1.0 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 58.9%),硬资产占比 21%。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 1.9%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -5.5 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 21%,资本开支/折旧 0.37 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 49.1 倍 粗算,约 90%(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 -14%,最大回撤 -38%,年化波动 36%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 6% / 6% / -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%。", "爱威科技:PE 比行业中位高 10.5倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}