{"F": {"ts_code": "688626.SH", "name": "翔宇医疗", "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": "20210331", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 40.08, "pe_ttm": 77.8082, "pb": 3.0538, "dv_ttm": 0.4381, "total_mv": 641280.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.8, 68.2, 66.3, 68.6, 67.4, 66.6], "rev_series": [5.0, 5.2, 4.9, 7.4, 7.4, 7.7], "np_series": [2.0, 2.0, 1.3, 2.3, 1.0, 0.8], "roe_series": [30.4, 15.1, 6.5, 11.3, 5.0, 3.8], "period": "20260630", "rev_ttm": 7.8, "np_ttm": 0.8, "ocf_ttm": 1.8, "fcf_ttm": -0.3, "fcf_yield": -0.5, "ocf_yield": 2.8, "gm_median": 67.4, "gm_std": 0.9, "gm_stab": 0.99, "gm_chg_2022": -1.5, "npm_median": 25.2, "roe_median": 6.5, "commodity": false, "hard_ratio": 43.4, "fix_assets": 14.3, "goodwill_ratio": 0.0, "pb_calc": 3.05, "capex_dep": 4.66, "interest_debt": 5.7, "debt_ebitda": 4.6, "debt_ratio": 36.0, "debt_mv": 9.0, "payout": 36.4, "div_years": 5, "rev_cagr3": 16.3, "np_cagr3": -14.6, "rev_yoy": 3.9, "np_yoy": 12.0, "np_vol": 47.7, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 5, "fwd_pe": 65.5, "fwd_pe2": 52.1, "fwd_g1": 19.0, "fwd_g2": 26.0, "peg": 2.52, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 108.2, "ret_prev2_year": -44.7, "ret_ytd": -33.6, "ret_pivot": 87.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.2, "ret_60": -13.7, "ret_120": -44.4, "ret_250": -35.0, "mdd_250": -54.4, "vol_250": 57.2, "pos_52w": 46.1}, "S": {"duration": 86, "pricing": 75, "hard": 69, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 77.8 倍、股息率 0.4%、毛利率近 5 年中位 67.4%、固定资产占比 43%、有息负债/EBITDA 4.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 43%、毛利率 67.4% 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 -0.5%(经营现金流/市值 2.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.4%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -1.5 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 43%,资本开支/折旧 4.66 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 77.8 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 -35%,最大回撤 -54%,年化波动 57%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -14% / -14% / -44%。", "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%。", "翔宇医疗:PE 比行业中位高 39.2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 12.0个百分点;固定资产占比 比行业中位高 21.5个百分点。"]}}