{"F": {"ts_code": "688358.SH", "name": "祥生医疗", "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": "20191203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.23, "pe_ttm": 27.3434, "pb": 2.3137, "dv_ttm": 3.1173, "total_mv": 316530.5688, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.6, 56.3, 59.3, 58.8, 59.0, 59.1], "rev_series": [3.3, 4.0, 3.8, 4.8, 4.7, 4.4], "np_series": [1.0, 1.1, 1.1, 1.5, 1.4, 1.2], "roe_series": [8.4, 9.2, 8.3, 10.9, 10.1, 8.3], "period": "20260630", "rev_ttm": 4.4, "np_ttm": 1.2, "ocf_ttm": 0.9, "fcf_ttm": 0.8, "fcf_yield": 2.4, "ocf_yield": 2.8, "gm_median": 59.0, "gm_std": 1.1, "gm_stab": 0.98, "gm_chg_2022": 0.7, "npm_median": 28.3, "roe_median": 9.2, "commodity": false, "hard_ratio": 9.2, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 2.31, "capex_dep": 1.84, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 14.6, "debt_mv": 0.2, "payout": 79.4, "div_years": 5, "rev_cagr3": 4.6, "np_cagr3": 3.2, "rev_yoy": 2.2, "np_yoy": -1.1, "np_vol": 19.3, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.7, "consensus_n": 1, "fwd_pe": 22.2, "fwd_pe2": 18.6, "fwd_g1": 23.0, "fwd_g2": 20.0, "peg": 1.11, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 29.6, "ret_prev2_year": -35.8, "ret_ytd": -3.4, "ret_pivot": 61.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.1, "ret_60": -4.6, "ret_120": -9.3, "ret_250": -14.7, "mdd_250": -36.7, "vol_250": 49.6, "pos_52w": 68.7}, "S": {"duration": 50, "pricing": 72, "hard": 15, "bondness": 62}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 79%、股息率 3.1%、营收 3 年复合 4.6%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 59.0%),硬资产占比 9%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.4%(经营现金流/市值 2.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 0.7 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 9%,资本开支/折旧 1.84 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.3 倍 粗算,约 82%(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 -37%,年化波动 50%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -5% / -5% / -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%。", "祥生医疗:PE 比行业中位低 11.3倍;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位高 3.6个百分点;固定资产占比 比行业中位低 12.7个百分点。"]}}