{"F": {"ts_code": "688617.SH", "name": "惠泰医疗", "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": "20210107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 251.41, "pe_ttm": 38.1454, "pb": 11.5252, "dv_ttm": 0.3911, "total_mv": 3558185.6172, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [70.4, 69.5, 71.2, 71.3, 72.3, 72.9], "rev_series": [4.8, 8.3, 12.2, 16.5, 20.7, 25.8], "np_series": [1.1, 2.1, 3.6, 5.3, 6.7, 8.2], "roe_series": [27.4, 18.6, 20.2, 29.1, 30.4, 29.3], "period": "20260630", "rev_ttm": 29.0, "np_ttm": 9.3, "ocf_ttm": 10.7, "fcf_ttm": 8.6, "fcf_yield": 2.4, "ocf_yield": 3.0, "gm_median": 71.3, "gm_std": 1.2, "gm_stab": 0.98, "gm_chg_2022": 0.8, "npm_median": 31.3, "roe_median": 29.1, "commodity": false, "hard_ratio": 24.3, "fix_assets": 8.8, "goodwill_ratio": 1.3, "pb_calc": 11.53, "capex_dep": 2.09, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 13.8, "debt_mv": 0.0, "payout": 49.8, "div_years": 5, "rev_cagr3": 28.6, "np_cagr3": 31.9, "rev_yoy": 25.7, "np_yoy": 26.4, "np_vol": 25.6, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 20, "fwd_pe": 34.3, "fwd_pe2": 27.3, "fwd_g1": 11.0, "fwd_g2": 26.0, "peg": 1.32, "consensus_disp": null, "mainbz": [["冠脉通路类", 52.0], ["电生理", 23.0], ["外周介入类", 18.0], ["OEM", 4.0]], "ret_prev_year": -4.8, "ret_prev2_year": 40.2, "ret_ytd": 3.8, "ret_pivot": 14.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 20.6, "ret_60": 25.9, "ret_120": 7.5, "ret_250": -11.0, "mdd_250": -45.2, "vol_250": 41.7, "pos_52w": 76.0}, "S": {"duration": 61, "pricing": 78, "hard": 39, "bondness": 20}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.1 倍、股息率 0.4%、毛利率近 5 年中位 71.3%、固定资产占比 24%、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 71.3%),硬资产占比 24%。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 2.4%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 71.3%,稳定度 98%,2020→2022 成本通胀期毛利率变化 0.8 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 24%,资本开支/折旧 2.09 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.1 倍 粗算,约 87%(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 -11%,最大回撤 -45%,年化波动 42%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 21% / 26% / 8%。", "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%。", "惠泰医疗:PE 比行业中位低 0.5倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 15.9个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}