{"F": {"ts_code": "688236.SH", "name": "春立医疗", "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": "20211230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.2, "pe_ttm": 19.5902, "pb": 1.7869, "dv_ttm": 2.5231, "total_mv": 544667.27, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.6, 77.1, 76.0, 72.5, 66.6, 66.0], "rev_series": [9.4, 11.1, 12.0, 12.1, 8.1, 10.5], "np_series": [2.8, 3.2, 3.1, 2.8, 1.2, 2.7], "roe_series": [30.0, 18.2, 11.9, 9.9, 4.4, 9.4], "period": "20260630", "rev_ttm": 9.8, "np_ttm": 2.8, "ocf_ttm": 3.0, "fcf_ttm": 2.4, "fcf_yield": 4.4, "ocf_yield": 5.5, "gm_median": 72.5, "gm_std": 4.6, "gm_stab": 0.94, "gm_chg_2022": 3.4, "npm_median": 25.6, "roe_median": 9.9, "commodity": false, "hard_ratio": 13.3, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 1.79, "capex_dep": 2.0, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 15.1, "debt_mv": 0.1, "payout": 50.3, "div_years": 5, "rev_cagr3": -4.5, "np_cagr3": -4.0, "rev_yoy": -14.5, "np_yoy": 4.8, "np_vol": 57.4, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "consensus_n": 5, "fwd_pe": 16.6, "fwd_pe2": 13.5, "fwd_g1": 18.0, "fwd_g2": 22.0, "peg": 0.75, "consensus_disp": null, "mainbz": [["产品", 50.0], ["医疗器械产品", 50.0], ["其他业务", 0.0]], "ret_prev_year": 81.7, "ret_prev2_year": -51.3, "ret_ytd": -36.9, "ret_pivot": 41.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.1, "ret_60": -2.9, "ret_120": -28.6, "ret_250": -36.6, "mdd_250": -53.6, "vol_250": 44.0, "pos_52w": 49.8}, "S": {"duration": 39, "pricing": 79, "hard": 21, "bondness": 53}, "label": "轻资产现金牛", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["固定资产占比 13%,毛利率近 5 年中位 72.5%,自由现金流/市值 4.4%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 72.5%),硬资产占比 13%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.4%(经营现金流/市值 5.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 72.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 3.4 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 13%,资本开支/折旧 2.00 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.6 倍 粗算,约 74%(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 -37%,最大回撤 -54%,年化波动 44%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -6% / -3% / -29%。", "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%。", "春立医疗:PE 比行业中位低 19.0倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 17.1个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}