{"F": {"ts_code": "688575.SH", "name": "亚辉龙", "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": "20210517", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.11, "pe_ttm": 85.9606, "pb": 2.0992, "dv_ttm": 0.2077, "total_mv": 577673.5713, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.2, 56.8, 54.0, 56.8, 65.3, 64.8], "rev_series": [10.0, 11.8, 39.8, 20.5, 20.1, 18.1], "np_series": [2.1, 2.0, 10.1, 3.6, 3.0, 0.2], "roe_series": [31.3, 17.9, 51.4, 14.3, 11.3, 0.9], "period": "20260630", "rev_ttm": 18.9, "np_ttm": 0.7, "ocf_ttm": 6.3, "fcf_ttm": 1.6, "fcf_yield": 2.8, "ocf_yield": 10.9, "gm_median": 56.8, "gm_std": 4.6, "gm_stab": 0.92, "gm_chg_2022": -6.2, "npm_median": 13.6, "roe_median": 14.3, "commodity": false, "hard_ratio": 39.1, "fix_assets": 17.0, "goodwill_ratio": 0.1, "pb_calc": 2.1, "capex_dep": 1.68, "interest_debt": 9.9, "debt_ebitda": 1.8, "debt_ratio": 37.1, "debt_mv": 17.1, "payout": 43.3, "div_years": 5, "rev_cagr3": -23.1, "np_cagr3": -71.5, "rev_yoy": 9.8, "np_yoy": 167.0, "np_vol": 178.3, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 3, "fwd_pe": 34.1, "fwd_pe2": 26.4, "fwd_g1": 152.0, "fwd_g2": 29.0, "peg": 1.18, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": -8.9, "ret_prev2_year": -30.4, "ret_ytd": -28.7, "ret_pivot": -50.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": 6.9, "ret_120": -29.6, "ret_250": -37.9, "mdd_250": -47.9, "vol_250": 33.0, "pos_52w": 61.8}, "S": {"duration": 88, "pricing": 64, "hard": 63, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 86.0 倍、股息率 0.2%、毛利率近 5 年中位 56.8%、固定资产占比 39%、有息负债/EBITDA 1.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 39%、毛利率 56.8% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 2.8%(经营现金流/市值 10.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -6.2 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 39%,资本开支/折旧 1.68 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 86.0 倍 粗算,约 94%(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 -38%,最大回撤 -48%,年化波动 33%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 7% / 7% / -30%。", "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%。", "亚辉龙:PE 比行业中位高 47.4倍;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位高 17.2个百分点。"]}}