{"F": {"ts_code": "688139.SH", "name": "海尔生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20191025", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.8, "pe_ttm": 38.1666, "pb": 2.2047, "dv_ttm": 1.0591, "total_mv": 974798.132, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.5, 50.1, 48.2, 50.6, 48.0, 46.8], "rev_series": [14.0, 21.3, 28.6, 22.8, 22.8, 23.3], "np_series": [3.8, 8.5, 6.0, 4.1, 3.7, 2.5], "roe_series": [14.6, 26.4, 15.7, 9.8, 8.5, 5.7], "period": "20260630", "rev_ttm": 24.3, "np_ttm": 2.6, "ocf_ttm": 3.8, "fcf_ttm": 2.9, "fcf_yield": 3.0, "ocf_yield": 3.9, "gm_median": 48.2, "gm_std": 1.4, "gm_stab": 0.97, "gm_chg_2022": -2.3, "npm_median": 18.1, "roe_median": 9.8, "commodity": false, "hard_ratio": 16.0, "fix_assets": 9.3, "goodwill_ratio": 13.0, "pb_calc": 2.2, "capex_dep": 1.18, "interest_debt": 0.9, "debt_ebitda": 0.3, "debt_ratio": 19.9, "debt_mv": 1.0, "payout": 40.5, "div_years": 5, "rev_cagr3": -6.7, "np_cagr3": -25.3, "rev_yoy": 8.4, "np_yoy": 3.3, "np_vol": 59.6, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 9, "fwd_pe": 34.0, "fwd_pe2": 29.7, "fwd_g1": 12.0, "fwd_g2": 14.0, "peg": 2.43, "consensus_disp": null, "mainbz": [["医疗器械及相关产品", 49.0], ["医疗器械产品", 49.0], ["安装服务", 1.0], ["安装收入", 1.0]], "ret_prev_year": -8.6, "ret_prev2_year": -12.3, "ret_ytd": -2.1, "ret_pivot": 32.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": 18.1, "ret_120": -2.7, "ret_250": -12.2, "mdd_250": -33.3, "vol_250": 33.0, "pos_52w": 83.2}, "S": {"duration": 61, "pricing": 64, "hard": 26, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.2 倍、股息率 1.1%、毛利率近 5 年中位 48.2%、固定资产占比 16%、有息负债/EBITDA 0.3 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 48.2%),硬资产占比 16%。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 3.0%(经营现金流/市值 3.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.3 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 16%,资本开支/折旧 1.18 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.2 倍 粗算,约 87%(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 -12%,最大回撤 -33%,年化波动 33%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 6% / 18% / -3%。", "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%。", "海尔生物:PE 比行业中位低 0.4倍;股息率 与行业中位持平;毛利率 比行业中位低 7.2个百分点;固定资产占比 比行业中位低 5.9个百分点。"]}}