{"F": {"ts_code": "688580.SH", "name": "伟思医疗", "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": "20200721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 44.3, "pe_ttm": 25.1237, "pb": 2.5088, "dv_ttm": 2.4409, "total_mv": 424266.859, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [73.6, 74.8, 72.5, 71.8, 65.4, 66.2], "rev_series": [3.8, 4.3, 3.2, 4.6, 4.0, 4.6], "np_series": [1.4, 1.8, 0.9, 1.4, 1.0, 1.4], "roe_series": [17.4, 12.1, 6.1, 8.6, 6.3, 8.3], "period": "20260630", "rev_ttm": 4.8, "np_ttm": 1.7, "ocf_ttm": 1.7, "fcf_ttm": 0.2, "fcf_yield": 0.4, "ocf_yield": 4.0, "gm_median": 71.8, "gm_std": 3.7, "gm_stab": 0.95, "gm_chg_2022": -1.2, "npm_median": 29.5, "roe_median": 8.3, "commodity": false, "hard_ratio": 24.8, "fix_assets": 4.4, "goodwill_ratio": 3.9, "pb_calc": 2.51, "capex_dep": 8.72, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 5.7, "debt_mv": 0.0, "payout": 75.1, "div_years": 5, "rev_cagr3": 12.9, "np_cagr3": 13.7, "rev_yoy": 7.6, "np_yoy": 44.4, "np_vol": 36.1, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 3, "fwd_pe": 24.5, "fwd_pe2": 22.5, "fwd_g1": 3.0, "fwd_g2": 9.0, "peg": 2.72, "consensus_disp": null, "mainbz": [["产品", 49.0], ["磁刺激类", 21.0], ["耗材及配件", 9.0], ["电生理类", 7.0]], "ret_prev_year": 81.8, "ret_prev2_year": -39.1, "ret_ytd": -6.4, "ret_pivot": 134.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.4, "ret_60": -6.0, "ret_120": -27.8, "ret_250": -18.7, "mdd_250": -35.9, "vol_250": 54.5, "pos_52w": 64.6}, "S": {"duration": 47, "pricing": 76, "hard": 40, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 25.1 倍、股息率 2.4%、毛利率近 5 年中位 71.8%、固定资产占比 25%、有息负债/EBITDA 0.0 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 71.8%),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": "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 0.4%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 71.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -1.2 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 25%,资本开支/折旧 8.72 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.1 倍 粗算,约 80%(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 -19%,最大回撤 -36%,年化波动 54%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -11% / -6% / -28%。", "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%。", "伟思医疗:PE 比行业中位低 13.5倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 16.4个百分点;固定资产占比 比行业中位高 2.9个百分点。"]}}