{"F": {"ts_code": "688271.SH", "name": "联影医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20220822", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 108.58, "pe_ttm": 50.6069, "pb": 4.0625, "dv_ttm": 0.2835, "total_mv": 8948707.564, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.6, 49.4, 48.4, 48.5, 48.5, 47.0], "rev_series": [57.6, 72.5, 92.4, 114.1, 103.0, 138.0], "np_series": [9.0, 14.2, 16.6, 19.7, 12.6, 18.7], "roe_series": [30.9, 32.8, 14.7, 10.9, 6.5, 9.0], "period": "20260630", "rev_ttm": 148.4, "np_ttm": 17.7, "ocf_ttm": 23.9, "fcf_ttm": -0.7, "fcf_yield": -0.1, "ocf_yield": 2.7, "gm_median": 48.5, "gm_std": 0.8, "gm_stab": 0.98, "gm_chg_2022": -0.2, "npm_median": 17.3, "roe_median": 10.9, "commodity": false, "hard_ratio": 19.3, "fix_assets": 66.4, "goodwill_ratio": 0.1, "pb_calc": 4.06, "capex_dep": 7.67, "interest_debt": 18.2, "debt_ebitda": 0.7, "debt_ratio": 36.1, "debt_mv": 2.0, "payout": 13.0, "div_years": 4, "rev_cagr3": 14.3, "np_cagr3": 4.1, "rev_yoy": 17.2, "np_yoy": -10.1, "np_vol": 32.6, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 26, "fwd_pe": 39.1, "fwd_pe2": 31.3, "fwd_g1": 30.0, "fwd_g2": 25.0, "peg": 1.56, "consensus_disp": null, "mainbz": [["销售医学影像诊断设备及放射治疗设备", 73.0], ["提供维修收入", 12.0], ["提供维修及技术服务、劳务", 12.0], ["其他业务", 3.0]], "ret_prev_year": -0.5, "ret_prev2_year": -7.5, "ret_ytd": -13.4, "ret_pivot": 17.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.5, "ret_60": -3.1, "ret_120": -8.8, "ret_250": -19.9, "mdd_250": -37.9, "vol_250": 33.8, "pos_52w": 68.7}, "S": {"duration": 72, "pricing": 66, "hard": 31, "bondness": 14}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 50.6 倍、股息率 0.3%、毛利率近 5 年中位 48.5%、固定资产占比 19%、有息负债/EBITDA 0.7 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 48.5%),硬资产占比 19%。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 -0.1%(经营现金流/市值 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.2 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 19%,资本开支/折旧 7.67 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.6 倍 粗算,约 90%(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 -20%,最大回撤 -38%,年化波动 34%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -4% / -3% / -9%。", "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%。", "联影医疗:PE 比行业中位高 12.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 6.9个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}