{"F": {"ts_code": "688161.SH", "name": "威高骨科", "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": "20210630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.4, "pe_ttm": 34.6056, "pb": 2.1357, "dv_ttm": 1.5076, "total_mv": 896000.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [82.4, 81.2, 74.8, 66.5, 65.7, 64.9], "rev_series": [18.2, 21.5, 18.5, 12.8, 14.5, 15.2], "np_series": [5.6, 6.9, 5.4, 1.1, 2.2, 2.7], "roe_series": [25.8, 19.8, 11.6, 2.6, 5.7, 6.6], "period": "20260630", "rev_ttm": 14.9, "np_ttm": 2.6, "ocf_ttm": 3.7, "fcf_ttm": 3.3, "fcf_yield": 3.7, "ocf_yield": 4.1, "gm_median": 66.5, "gm_std": 6.4, "gm_stab": 0.9, "gm_chg_2022": -7.6, "npm_median": 18.0, "roe_median": 6.6, "commodity": false, "hard_ratio": 7.5, "fix_assets": 3.9, "goodwill_ratio": 1.9, "pb_calc": 2.14, "capex_dep": 0.83, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 18.7, "debt_mv": 0.4, "payout": 51.8, "div_years": 5, "rev_cagr3": -6.3, "np_cagr3": -21.0, "rev_yoy": -4.9, "np_yoy": -6.9, "np_vol": 59.2, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 6, "fwd_pe": 27.8, "fwd_pe2": 23.2, "fwd_g1": 24.0, "fwd_g2": 20.0, "peg": 1.39, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 12.0, "ret_prev2_year": -39.3, "ret_ytd": -19.1, "ret_pivot": 7.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.1, "ret_60": 3.8, "ret_120": -28.2, "ret_250": -28.6, "mdd_250": -44.5, "vol_250": 36.7, "pos_52w": 61.7}, "S": {"duration": 58, "pricing": 68, "hard": 12, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.6 倍、股息率 1.5%、毛利率近 5 年中位 66.5%、固定资产占比 8%、有息负债/EBITDA 0.1 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 66.5%),硬资产占比 8%。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 3.7%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 66.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -7.6 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 8%,资本开支/折旧 0.83 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.6 倍 粗算,约 86%(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 -29%,最大回撤 -44%,年化波动 37%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 1% / 4% / -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%。", "威高骨科:PE 比行业中位低 4.0倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 11.1个百分点;固定资产占比 比行业中位低 14.4个百分点。"]}}