{"F": {"ts_code": "688677.SH", "name": "海泰新光", "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": "20210226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 81.81, "pe_ttm": 56.8206, "pb": 7.3241, "dv_ttm": 0.7237, "total_mv": 980713.737, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.7, 63.5, 64.3, 63.7, 64.5, 65.6], "rev_series": [2.8, 3.1, 4.8, 4.7, 4.4, 6.0], "np_series": [1.0, 1.2, 1.8, 1.5, 1.4, 1.7], "roe_series": [36.0, 16.7, 15.8, 11.6, 10.4, 12.9], "period": "20260630", "rev_ttm": 6.6, "np_ttm": 1.7, "ocf_ttm": 1.5, "fcf_ttm": 1.1, "fcf_yield": 1.1, "ocf_yield": 1.5, "gm_median": 64.3, "gm_std": 0.8, "gm_stab": 0.99, "gm_chg_2022": 0.7, "npm_median": 30.2, "roe_median": 12.9, "commodity": false, "hard_ratio": 29.8, "fix_assets": 4.9, "goodwill_ratio": 0.2, "pb_calc": 7.32, "capex_dep": 1.26, "interest_debt": 1.8, "debt_ebitda": 0.7, "debt_ratio": 19.2, "debt_mv": 1.8, "payout": 45.8, "div_years": 5, "rev_cagr3": 8.1, "np_cagr3": -2.2, "rev_yoy": 20.7, "np_yoy": 2.5, "np_vol": 26.5, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 8, "fwd_pe": 45.3, "fwd_pe2": 35.2, "fwd_g1": 25.0, "fwd_g2": 29.0, "peg": 1.56, "consensus_disp": null, "mainbz": [["医用内窥镜器械", 35.0], ["医用内窥镜", 35.0], ["光学器件", 11.0], ["光学产品", 11.0]], "ret_prev_year": 16.7, "ret_prev2_year": -29.2, "ret_ytd": 92.2, "ret_pivot": 232.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.7, "ret_60": -26.9, "ret_120": 109.8, "ret_250": 81.0, "mdd_250": -61.8, "vol_250": 76.9, "pos_52w": 53.0}, "S": {"duration": 76, "pricing": 75, "hard": 48, "bondness": 34}, "label": "中性", "tags": [], "text": {"像什么": ["PE 56.8 倍、股息率 0.7%、毛利率近 5 年中位 64.3%、固定资产占比 30%、有息负债/EBITDA 0.7 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 64.3%),硬资产占比 30%。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 1.1%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.3%,稳定度 99%,2020→2022 成本通胀期毛利率变化 0.7 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 30%,资本开支/折旧 1.26 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 56.8 倍 粗算,约 91%(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 81%,最大回撤 -62%,年化波动 77%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 8% / -27% / 110%。", "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%。", "海泰新光:PE 比行业中位高 18.2倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 8.9个百分点;固定资产占比 比行业中位高 7.9个百分点。"]}}