{"F": {"ts_code": "688389.SH", "name": "普门科技", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20191105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.18, "pe_ttm": 33.7551, "pb": 2.3057, "dv_ttm": 2.5224, "total_mv": 479047.0126, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.9, 61.6, 58.5, 65.8, 67.2, 63.2], "rev_series": [5.5, 7.8, 9.8, 11.5, 11.5, 10.4], "np_series": [1.4, 1.9, 2.5, 3.3, 3.5, 1.8], "roe_series": [13.1, 15.9, 18.7, 20.3, 18.0, 8.8], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 1.4, "ocf_ttm": 2.7, "fcf_ttm": 1.9, "fcf_yield": 4.0, "ocf_yield": 5.7, "gm_median": 63.2, "gm_std": 3.1, "gm_stab": 0.95, "gm_chg_2022": -2.4, "npm_median": 25.6, "roe_median": 18.0, "commodity": false, "hard_ratio": 22.2, "fix_assets": 5.8, "goodwill_ratio": 0.9, "pb_calc": 2.31, "capex_dep": 2.56, "interest_debt": 2.6, "debt_ebitda": 1.2, "debt_ratio": 21.0, "debt_mv": 5.5, "payout": 36.5, "div_years": 5, "rev_cagr3": 1.8, "np_cagr3": -9.9, "rev_yoy": 19.1, "np_yoy": -34.8, "np_vol": 30.5, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 7, "fwd_pe": 22.2, "fwd_pe2": 18.3, "fwd_g1": 52.0, "fwd_g2": 22.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["体外诊断类", 73.0], ["治疗与康复类", 25.0], ["其他业务", 2.0]], "ret_prev_year": -11.4, "ret_prev2_year": -33.9, "ret_ytd": -12.0, "ret_pivot": -6.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": 4.1, "ret_120": -14.2, "ret_250": -21.4, "mdd_250": -33.7, "vol_250": 25.6, "pos_52w": 77.3}, "S": {"duration": 57, "pricing": 71, "hard": 36, "bondness": 50}, "label": "定价权·品牌", "tags": ["资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 22%)但有定价权:毛利率近 5 年中位 63.2%,稳定度 95%、ROE 近 5 年中位 18.0%。", "自由现金流/市值 4.0%,分红率 36%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 63.2%),硬资产占比 22%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.0%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -2.4 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 22%,资本开支/折旧 2.56 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.8 倍 粗算,约 85%(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 -21%,最大回撤 -34%,年化波动 26%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 1% / 4% / -14%。", "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%。", "普门科技:PE 比行业中位低 4.8倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 7.8个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}