{"F": {"ts_code": "688273.SH", "name": "麦澜德", "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": "20220811", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.7, "pe_ttm": 38.0434, "pb": 2.1495, "dv_ttm": 2.7264, "total_mv": 287000.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [76.2, 72.9, 68.6, 71.1, 72.0, 70.2], "rev_series": [3.4, 3.4, 3.8, 3.4, 4.2, 4.3], "np_series": [1.2, 1.2, 1.2, 0.9, 1.0, 1.0], "roe_series": [61.9, 39.2, 14.2, 6.7, 7.6, 7.7], "period": "20260630", "rev_ttm": 3.8, "np_ttm": 0.8, "ocf_ttm": 0.7, "fcf_ttm": -0.0, "fcf_yield": -0.1, "ocf_yield": 2.3, "gm_median": 71.1, "gm_std": 1.5, "gm_stab": 0.98, "gm_chg_2022": -7.6, "npm_median": 27.1, "roe_median": 7.7, "commodity": false, "hard_ratio": 28.2, "fix_assets": 4.5, "goodwill_ratio": 2.6, "pb_calc": 2.15, "capex_dep": 4.22, "interest_debt": 0.4, "debt_ebitda": 0.4, "debt_ratio": 15.8, "debt_mv": 1.2, "payout": 77.6, "div_years": 4, "rev_cagr3": 4.6, "np_cagr3": -5.6, "rev_yoy": -20.0, "np_yoy": -42.5, "np_vol": 13.0, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 2, "fwd_pe": 25.3, "fwd_pe2": 22.1, "fwd_g1": 50.0, "fwd_g2": 15.0, "peg": 1.69, "consensus_disp": null, "mainbz": [["产品", 39.0], ["耗材及配件", 14.0], ["盆底康复产品", 11.0], ["盆底及产后康复设备", 11.0]], "ret_prev_year": 89.5, "ret_prev2_year": -28.7, "ret_ytd": -31.7, "ret_pivot": 56.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -29.3, "ret_120": -41.0, "ret_250": -36.5, "mdd_250": -54.1, "vol_250": 62.3, "pos_52w": 47.3}, "S": {"duration": 61, "pricing": 74, "hard": 45, "bondness": 60}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.0 倍、股息率 2.7%、毛利率近 5 年中位 71.1%、固定资产占比 28%、有息负债/EBITDA 0.4 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 71.1%),硬资产占比 28%。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 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 71.1%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -7.6 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 28%,资本开支/折旧 4.22 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.0 倍 粗算,约 87%(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 -36%,最大回撤 -54%,年化波动 62%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -8% / -29% / -41%。", "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%。", "麦澜德:PE 比行业中位低 0.6倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 15.7个百分点;固定资产占比 比行业中位高 6.3个百分点。"]}}