{"F": {"ts_code": "688301.SH", "name": "奕瑞科技", "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": "20200918", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 90.7, "pe_ttm": 39.4205, "pb": 3.6832, "dv_ttm": 0.7434, "total_mv": 2842623.258, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.8, 55.2, 57.3, 57.8, 50.1, 51.4], "rev_series": [7.8, 11.9, 15.5, 18.6, 18.3, 22.5], "np_series": [2.2, 4.8, 6.4, 6.1, 4.7, 6.5], "roe_series": [14.5, 17.0, 18.5, 14.8, 10.4, 12.0], "period": "20260630", "rev_ttm": 28.6, "np_ttm": 7.2, "ocf_ttm": 8.6, "fcf_ttm": -11.0, "fcf_yield": -3.9, "ocf_yield": 3.0, "gm_median": 55.2, "gm_std": 3.1, "gm_stab": 0.94, "gm_chg_2022": 5.5, "npm_median": 32.4, "roe_median": 14.8, "commodity": false, "hard_ratio": 48.5, "fix_assets": 64.8, "goodwill_ratio": 0.7, "pb_calc": 3.67, "capex_dep": 7.1, "interest_debt": 35.6, "debt_ebitda": 3.0, "debt_ratio": 38.7, "debt_mv": 12.5, "payout": 31.2, "div_years": 5, "rev_cagr3": 13.3, "np_cagr3": 0.5, "rev_yoy": 56.7, "np_yoy": 21.2, "np_vol": 48.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 18, "fwd_pe": 29.5, "fwd_pe2": 22.7, "fwd_g1": 34.0, "fwd_g2": 30.0, "peg": 0.98, "consensus_disp": null, "mainbz": [["探测器", 47.0], ["硅基微显示背板", 17.0], ["销售核心部件", 7.0], ["核心部件", 7.0]], "ret_prev_year": 50.4, "ret_prev2_year": -59.2, "ret_ytd": 26.8, "ret_pivot": 121.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.9, "ret_60": -23.1, "ret_120": 9.7, "ret_250": 13.9, "mdd_250": -45.2, "vol_250": 53.8, "pos_52w": 62.0}, "S": {"duration": 63, "pricing": 72, "hard": 78, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 39.4 倍、股息率 0.7%、毛利率近 5 年中位 55.2%、固定资产占比 48%、有息负债/EBITDA 3.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 48%、毛利率 55.2% 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 -3.9%(经营现金流/市值 3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 5.5 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 48%,资本开支/折旧 7.10 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.4 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 14%,最大回撤 -45%,年化波动 54%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -6% / -23% / 10%。", "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%。", "奕瑞科技:PE 比行业中位高 0.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位高 26.6个百分点。"]}}