{"F": {"ts_code": "688193.SH", "name": "仁度生物", "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": "20220330", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 47.84, "pe_ttm": 108.7632, "pb": 2.1683, "dv_ttm": 2.3264, "total_mv": 191694.4016, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [75.9, 74.6, 65.5, 81.4, 79.5, 78.0], "rev_series": [2.5, 2.9, 3.0, 1.6, 1.8, 1.6], "np_series": [0.6, 0.6, 0.2, 0.1, -0.1, 0.1], "roe_series": [33.6, 25.7, 3.7, 0.9, -0.8, 1.1], "period": "20260630", "rev_ttm": 1.6, "np_ttm": 0.2, "ocf_ttm": 0.2, "fcf_ttm": 0.1, "fcf_yield": 0.7, "ocf_yield": 1.1, "gm_median": 78.0, "gm_std": 5.6, "gm_stab": 0.93, "gm_chg_2022": -10.3, "npm_median": 6.2, "roe_median": 1.1, "commodity": false, "hard_ratio": 6.6, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 2.17, "capex_dep": 0.54, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 6.8, "debt_mv": 0.2, "payout": 268.8, "div_years": 4, "rev_cagr3": -18.9, "np_cagr3": -24.4, "rev_yoy": -2.2, "np_yoy": 369.9, "np_vol": 139.3, "loss_years": 1, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["试剂收入", 32.0], ["试剂业务", 32.0], ["检测业务", 2.0]], "ret_prev_year": 37.3, "ret_prev2_year": -20.8, "ret_ytd": 1.0, "ret_pivot": 114.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.2, "ret_60": -10.6, "ret_120": -7.8, "ret_250": -12.0, "mdd_250": -33.4, "vol_250": 40.9, "pos_52w": 78.9}, "S": {"duration": 93, "pricing": 75, "hard": 11, "bondness": 69}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 108.8 倍,估值里约 95% 来自 5 年后的假设;固定资产占比 7%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 78.0%),硬资产占比 7%。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": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.7%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 78.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -10.3 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 7%,资本开支/折旧 0.54 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 108.8 倍 粗算,约 95%(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 41%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -4% / -11% / -8%。 长久期资产波动大是常态;", "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%。", "仁度生物:PE 比行业中位高 70.2倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 22.6个百分点;固定资产占比 比行业中位低 15.3个百分点。"]}}