{"F": {"ts_code": "688366.SH", "name": "昊海生科", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20191030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.2, "pe_ttm": 45.2951, "pb": 1.3032, "dv_ttm": 3.2719, "total_mv": 691073.244, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [74.9, 72.1, 69.0, 70.5, 69.9, 70.1], "rev_series": [13.3, 17.7, 21.3, 26.5, 27.0, 24.7], "np_series": [2.3, 3.5, 1.8, 4.2, 4.2, 2.5], "roe_series": [4.2, 6.3, 3.2, 7.5, 7.5, 4.6], "period": "20260630", "rev_ttm": 23.5, "np_ttm": 1.5, "ocf_ttm": 3.2, "fcf_ttm": 0.8, "fcf_yield": 1.2, "ocf_yield": 4.6, "gm_median": 70.1, "gm_std": 1.0, "gm_stab": 0.99, "gm_chg_2022": -6.0, "npm_median": 13.9, "roe_median": 6.3, "commodity": false, "hard_ratio": 24.6, "fix_assets": 16.1, "goodwill_ratio": 4.1, "pb_calc": 1.3, "capex_dep": 1.93, "interest_debt": 4.4, "debt_ebitda": 1.0, "debt_ratio": 16.8, "debt_mv": 6.4, "payout": 111.1, "div_years": 5, "rev_cagr3": 5.1, "np_cagr3": 11.6, "rev_yoy": -9.6, "np_yoy": -46.6, "np_vol": 66.4, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 4, "fwd_pe": 20.9, "fwd_pe2": 18.1, "fwd_g1": 116.0, "fwd_g2": 16.0, "peg": 1.31, "consensus_disp": null, "mainbz": [["医疗美容与创面护理产品", 21.0], ["眼科产品", 17.0], ["玻尿酸", 10.0], ["玻璃酸钠注射液", 7.0]], "ret_prev_year": -26.6, "ret_prev2_year": -21.0, "ret_ytd": -30.3, "ret_pivot": -44.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.4, "ret_60": -0.3, "ret_120": -26.8, "ret_250": -46.7, "mdd_250": -49.2, "vol_250": 29.4, "pos_52w": 53.7}, "S": {"duration": 68, "pricing": 73, "hard": 39, "bondness": 73}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 111%、股息率 3.3%、营收 3 年复合 5.1%、有息负债/EBITDA 1.0 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 70.1%),硬资产占比 25%。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 1.2%(经营现金流/市值 4.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 70.1%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -6.0 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 25%,资本开支/折旧 1.93 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.3 倍 粗算,约 89%(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 -47%,最大回撤 -49%,年化波动 29%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -6% / -0% / -27%。", "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%。", "昊海生科:PE 比行业中位高 6.7倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 14.7个百分点;固定资产占比 比行业中位高 2.7个百分点。"]}}