{"F": {"ts_code": "688581.SH", "name": "安杰思", "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": "20230519", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 51.06, "pe_ttm": 19.2811, "pb": 1.6179, "dv_ttm": 2.044, "total_mv": 412262.0142, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.8, 64.7, 68.1, 70.9, 72.1, 71.1], "rev_series": [1.7, 3.1, 3.7, 5.1, 6.4, 5.9], "np_series": [0.5, 1.0, 1.4, 2.2, 2.9, 2.2], "roe_series": [23.3, 42.9, 44.4, 16.8, 12.7, 9.0], "period": "20260630", "rev_ttm": 5.9, "np_ttm": 2.1, "ocf_ttm": 2.2, "fcf_ttm": 1.5, "fcf_yield": 3.6, "ocf_yield": 5.3, "gm_median": 70.9, "gm_std": 2.7, "gm_stab": 0.96, "gm_chg_2022": 7.4, "npm_median": 39.1, "roe_median": 16.8, "commodity": false, "hard_ratio": 8.3, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 1.62, "capex_dep": 5.56, "interest_debt": 0.7, "debt_ebitda": 0.3, "debt_ratio": 6.7, "debt_mv": 1.7, "payout": 37.7, "div_years": 4, "rev_cagr3": 17.0, "np_cagr3": 15.2, "rev_yoy": -0.3, "np_yoy": -6.3, "np_vol": 50.0, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 7, "fwd_pe": 17.0, "fwd_pe2": 14.8, "fwd_g1": 14.0, "fwd_g2": 15.0, "peg": 1.13, "consensus_disp": null, "mainbz": [["GI类", 61.0], ["EMR/ESD类", 26.0], ["ERCP类", 9.0], ["仪器类", 2.0]], "ret_prev_year": 0.5, "ret_prev2_year": -33.2, "ret_ytd": -11.3, "ret_pivot": 10.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.5, "ret_60": -2.9, "ret_120": -10.6, "ret_250": -37.7, "mdd_250": -37.8, "vol_250": 31.6, "pos_52w": 63.8}, "S": {"duration": 38, "pricing": 80, "hard": 13, "bondness": 29}, "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 8%)但有定价权:毛利率近 5 年中位 70.9%,稳定度 96%、ROE 近 5 年中位 16.8%。", "自由现金流/市值 3.6%,分红率 38%,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 70.9%),硬资产占比 8%。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 3.6%(经营现金流/市值 5.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 70.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 7.4 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 8%,资本开支/折旧 5.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.3 倍 粗算,约 74%(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 -38%,年化波动 32%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -4% / -3% / -11%。", "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%。", "安杰思:PE 比行业中位低 19.3倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 15.5个百分点;固定资产占比 比行业中位低 13.6个百分点。"]}}