{"F": {"ts_code": "688315.SH", "name": "诺禾致源", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "其他医疗服务", "ind": "医疗服务", "fin_source": "tushare", "market": "科创板", "list_date": "20210413", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.95, "pe_ttm": 38.3638, "pb": 2.1656, "dv_ttm": 0.3139, "total_mv": 580599.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.1, 42.9, 44.3, 42.7, 43.7, 42.5], "rev_series": [14.9, 18.7, 19.3, 20.0, 21.1, 22.1], "np_series": [0.4, 2.2, 1.8, 1.8, 2.0, 1.7], "roe_series": [3.3, 15.5, 9.4, 8.1, 8.0, 6.5], "period": "20260630", "rev_ttm": 22.8, "np_ttm": 1.5, "ocf_ttm": 3.6, "fcf_ttm": 2.2, "fcf_yield": 3.8, "ocf_yield": 6.1, "gm_median": 42.9, "gm_std": 0.7, "gm_stab": 0.98, "gm_chg_2022": 9.2, "npm_median": 9.4, "roe_median": 8.1, "commodity": false, "hard_ratio": 17.1, "fix_assets": 6.6, "goodwill_ratio": 0.0, "pb_calc": 2.17, "capex_dep": 1.22, "interest_debt": 0.9, "debt_ebitda": 0.3, "debt_ratio": 30.4, "debt_mv": 1.6, "payout": 11.0, "div_years": 5, "rev_cagr3": 4.7, "np_cagr3": -2.0, "rev_yoy": 7.1, "np_yoy": -19.8, "np_vol": 209.1, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 40.0], ["测序平台服务", 19.0], ["建库测序平台服务", 19.0], ["生命科学基础科研服务", 14.0]], "ret_prev_year": 6.7, "ret_prev2_year": -46.5, "ret_ytd": 5.4, "ret_pivot": 54.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.1, "ret_60": 14.0, "ret_120": -2.2, "ret_250": -15.2, "mdd_250": -30.2, "vol_250": 45.3, "pos_52w": 81.5}, "S": {"duration": 62, "pricing": 67, "hard": 27, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.4 倍、股息率 0.3%、毛利率近 5 年中位 42.9%、固定资产占比 17%、有息负债/EBITDA 0.3 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 42.9%),硬资产占比 17%。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 3.8%(经营现金流/市值 6.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.9%,稳定度 98%,2020→2022 成本通胀期毛利率变化 9.2 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 17%,资本开支/折旧 1.22 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.4 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 -15%,最大回撤 -30%,年化波动 45%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -6% / 14% / -2%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "诺禾致源:PE 比行业中位低 34.7倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 1.6个百分点;固定资产占比 比行业中位低 1.8个百分点。"]}}