{"F": {"ts_code": "688253.SH", "name": "英诺特", "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": "20220728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.09, "pe_ttm": 154.8008, "pb": 3.8547, "dv_ttm": 0.7761, "total_mv": 782043.3687, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [89.3, 76.7, 61.2, 76.0, 80.1, 78.3], "rev_series": [10.4, 3.3, 4.5, 4.8, 6.2, 4.2], "np_series": [5.7, 1.2, 1.5, 1.7, 2.5, 1.4], "roe_series": [146.1, 17.1, 12.4, 9.9, 12.9, 7.1], "period": "20260630", "rev_ttm": 2.9, "np_ttm": 0.5, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 0.3, "ocf_yield": 0.6, "gm_median": 76.7, "gm_std": 6.8, "gm_stab": 0.91, "gm_chg_2022": -28.1, "npm_median": 36.4, "roe_median": 12.4, "commodity": false, "hard_ratio": 5.2, "fix_assets": 1.1, "goodwill_ratio": 0.2, "pb_calc": 3.85, "capex_dep": 0.91, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 4.6, "debt_mv": 0.1, "payout": 31.2, "div_years": 4, "rev_cagr3": -1.9, "np_cagr3": -1.4, "rev_yoy": -49.1, "np_yoy": -75.1, "np_vol": 45.4, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["呼吸道系列", 45.0], ["其他试剂系列及其他服务", 3.0], ["其他试剂", 3.0]], "ret_prev_year": -15.7, "ret_prev2_year": 49.4, "ret_ytd": 92.0, "ret_pivot": 65.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -19.6, "ret_60": 1.6, "ret_120": 47.8, "ret_250": 75.0, "mdd_250": -23.9, "vol_250": 54.1, "pos_52w": 80.0}, "S": {"duration": 98, "pricing": 74, "hard": 8, "bondness": 36}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 154.8 倍,估值里约 97% 来自 5 年后的假设;固定资产占比 5%,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 76.7%),硬资产占比 5%。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 0.3%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 76.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -28.1 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 5%,资本开支/折旧 0.91 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 154.8 倍 粗算,约 97%(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 75%,最大回撤 -24%,年化波动 54%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -20% / 2% / 48%。 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%。", "英诺特:PE 比行业中位高 116.2倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 21.3个百分点;固定资产占比 比行业中位低 16.7个百分点。"]}}