{"F": {"ts_code": "688198.SH", "name": "佰仁医疗", "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": "20191209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 70.62, "pe_ttm": 58.5815, "pb": 7.759, "dv_ttm": 1.1328, "total_mv": 972777.0822, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [88.9, 88.2, 89.4, 89.8, 88.3, 89.2], "rev_series": [1.8, 2.5, 3.0, 3.7, 5.0, 6.2], "np_series": [0.6, 0.5, 1.0, 1.2, 1.5, 1.9], "roe_series": [7.1, 5.6, 9.1, 10.0, 12.0, 15.0], "period": "20260630", "rev_ttm": 6.3, "np_ttm": 1.7, "ocf_ttm": 1.2, "fcf_ttm": 0.1, "fcf_yield": 0.1, "ocf_yield": 1.3, "gm_median": 89.2, "gm_std": 0.6, "gm_stab": 0.99, "gm_chg_2022": 0.5, "npm_median": 29.0, "roe_median": 10.0, "commodity": false, "hard_ratio": 33.3, "fix_assets": 4.9, "goodwill_ratio": 1.1, "pb_calc": 7.76, "capex_dep": 3.66, "interest_debt": 0.6, "debt_ebitda": 0.3, "debt_ratio": 15.1, "debt_mv": 0.6, "payout": 74.8, "div_years": 5, "rev_cagr3": 28.1, "np_cagr3": 26.7, "rev_yoy": 2.3, "np_yoy": -38.5, "np_vol": 30.8, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 3, "fwd_pe": 39.5, "fwd_pe2": 27.0, "fwd_g1": 48.0, "fwd_g2": 46.0, "peg": 0.86, "consensus_disp": null, "mainbz": [["产品", 50.0], ["医疗器械收入", 50.0], ["其他收入", 0.0], ["租赁收入", 0.0]], "ret_prev_year": -1.1, "ret_prev2_year": -12.1, "ret_ytd": -33.5, "ret_pivot": -25.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.2, "ret_60": -15.6, "ret_120": -29.8, "ret_250": -41.4, "mdd_250": -46.1, "vol_250": 40.7, "pos_52w": 53.9}, "S": {"duration": 77, "pricing": 87, "hard": 53, "bondness": 34}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 58.6 倍、股息率 1.1%、毛利率近 5 年中位 89.2%、固定资产占比 33%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 89.2% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.1%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 89.2%,稳定度 99%,2020→2022 成本通胀期毛利率变化 0.5 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 33%,资本开支/折旧 3.66 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.6 倍 粗算,约 91%(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 -41%,最大回撤 -46%,年化波动 41%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -13% / -16% / -30%。", "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%。", "佰仁医疗:PE 比行业中位高 20.0倍;股息率 与行业中位持平;毛利率 比行业中位高 33.8个百分点;固定资产占比 比行业中位高 11.4个百分点。"]}}