{"F": {"ts_code": "688606.SH", "name": "奥泰生物", "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": "20210325", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 45.72, "pe_ttm": 24.88, "pb": 0.9197, "dv_ttm": 4.4905, "total_mv": 345891.9168, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [82.2, 55.2, 59.9, 48.8, 55.7, 50.9], "rev_series": [11.4, 18.7, 33.9, 7.5, 8.7, 9.1], "np_series": [6.8, 7.7, 11.8, 1.8, 3.0, 2.2], "roe_series": [107.3, 36.1, 31.8, 4.5, 7.8, 5.6], "period": "20260630", "rev_ttm": 8.7, "np_ttm": 1.4, "ocf_ttm": 2.0, "fcf_ttm": 0.6, "fcf_yield": 1.7, "ocf_yield": 5.7, "gm_median": 55.2, "gm_std": 3.9, "gm_stab": 0.93, "gm_chg_2022": -22.3, "npm_median": 35.0, "roe_median": 7.8, "commodity": false, "hard_ratio": 25.3, "fix_assets": 10.1, "goodwill_ratio": 0.0, "pb_calc": 0.92, "capex_dep": 3.15, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 5.9, "debt_mv": 0.6, "payout": 78.5, "div_years": 5, "rev_cagr3": -35.6, "np_cagr3": -42.9, "rev_yoy": -8.8, "np_yoy": -61.5, "np_vol": 55.7, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 5.2, "ret_prev2_year": -3.7, "ret_ytd": -27.3, "ret_pivot": -9.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": -2.5, "ret_120": -29.9, "ret_250": -38.4, "mdd_250": -44.2, "vol_250": 27.5, "pos_52w": 62.3}, "S": {"duration": 46, "pricing": 64, "hard": 40, "bondness": 75}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 78%、股息率 4.5%、营收 3 年复合 -35.6%、有息负债/EBITDA 0.1 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 55.2%),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 1.7%(经营现金流/市值 5.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -22.3 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 3.15 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.9 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 -38%,最大回撤 -44%,年化波动 28%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -1% / -2% / -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%。", "奥泰生物:PE 比行业中位低 13.7倍;股息率 比行业中位高 3.4个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位高 3.4个百分点。"]}}