{"F": {"ts_code": "688310.SH", "name": "迈得医疗", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "其他自动化设备", "ind": "自动化设备", "fin_source": "tushare", "market": "科创板", "list_date": "20191203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.74, "pe_ttm": 56.9465, "pb": 3.1228, "dv_ttm": 1.6693, "total_mv": 242214.4604, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.0, 50.1, 50.5, 52.3, 43.9, 44.7], "rev_series": [2.6, 3.2, 3.8, 4.8, 2.7, 4.5], "np_series": [0.6, 0.6, 0.7, 1.0, -0.2, 0.6], "roe_series": [8.2, 8.6, 8.5, 11.7, -2.3, 7.8], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.4, "ocf_ttm": 0.2, "fcf_ttm": -0.4, "fcf_yield": -1.4, "ocf_yield": 0.8, "gm_median": 50.1, "gm_std": 3.4, "gm_stab": 0.93, "gm_chg_2022": -2.6, "npm_median": 20.1, "roe_median": 8.5, "commodity": false, "hard_ratio": 36.8, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 3.12, "capex_dep": 1.44, "interest_debt": 0.6, "debt_ebitda": 1.0, "debt_ratio": 28.3, "debt_mv": 2.7, "payout": 60.7, "div_years": 4, "rev_cagr3": 5.3, "np_cagr3": -1.0, "rev_yoy": 13.4, "np_yoy": -370.7, "np_vol": 184.7, "loss_years": 1, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["药械组合类连线机", 14.0], ["药械组合类", 14.0], ["连线机-安全输注类", 12.0]], "ret_prev_year": 42.9, "ret_prev2_year": -49.2, "ret_ytd": -2.3, "ret_pivot": 60.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": -13.3, "ret_120": -10.3, "ret_250": -15.8, "mdd_250": -41.0, "vol_250": 50.9, "pos_52w": 69.1}, "S": {"duration": 76, "pricing": 63, "hard": 59, "bondness": 49}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 + 在建 4 亿,占总资产 37%,重置成本随通胀上升。", "定价权:毛利率近 5 年中位 50.1%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -2.6 个百分点。", "当期现金流:自由现金流/市值 -1.4%,股息率 1.7%,估值里 5 年后的故事约占 91%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 37%)和定价权(毛利率 50.1% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.4%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.1%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -2.6 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 37%,资本开支/折旧 1.44 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 56.9 倍 粗算,约 91%(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 -16%,最大回撤 -41%,年化波动 51%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -3% / -13% / -10%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "迈得医疗:PE 比行业中位低 20.5倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位高 16.2个百分点;固定资产占比 比行业中位高 23.0个百分点。"]}}