{"F": {"ts_code": "688710.SH", "name": "益诺思", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "科创板", "list_date": "20240903", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 79.7, "pe_ttm": 471.1857, "pb": 4.7482, "dv_ttm": null, "total_mv": 1123607.412, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.8, 38.4, 40.2, 43.6, 33.6, 26.0], "rev_series": [3.3, 5.8, 8.6, 10.4, 11.4, 8.1], "np_series": [0.4, 0.9, 1.4, 1.9, 1.5, -0.3], "roe_series": [19.8, 18.6, 12.9, 12.9, 7.4, -1.3], "period": "20260630", "rev_ttm": 9.0, "np_ttm": 0.2, "ocf_ttm": 3.8, "fcf_ttm": 2.1, "fcf_yield": 1.9, "ocf_yield": 3.4, "gm_median": 38.4, "gm_std": 6.1, "gm_stab": 0.84, "gm_chg_2022": 0.4, "npm_median": 13.7, "roe_median": 12.9, "commodity": false, "hard_ratio": 20.8, "fix_assets": 7.7, "goodwill_ratio": 0.0, "pb_calc": 4.75, "capex_dep": 2.51, "interest_debt": 1.3, "debt_ebitda": 1.1, "debt_ratio": 35.4, "debt_mv": 1.2, "payout": 25.4, "div_years": 1, "rev_cagr3": -2.0, "np_cagr3": null, "rev_yoy": 23.9, "np_yoy": 357.9, "np_vol": 78.0, "loss_years": 1, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 6, "fwd_pe": 85.2, "fwd_pe2": 42.0, "fwd_g1": 453.0, "fwd_g2": 103.0, "peg": 0.83, "consensus_disp": null, "mainbz": [["产品", 33.0], ["非临床CRO", 32.0], ["非临床", 32.0], ["临床CRO", 1.0]], "ret_prev_year": 25.5, "ret_prev2_year": null, "ret_ytd": 80.5, "ret_pivot": 242.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.1, "ret_60": 53.0, "ret_120": 38.4, "ret_250": 89.0, "mdd_250": -31.3, "vol_250": 72.5, "pos_52w": 79.6}, "S": {"duration": 100, "pricing": 56, "hard": 33, "bondness": 32}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 471.2 倍、股息率 —、毛利率近 5 年中位 38.4%、固定资产占比 21%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 21%,毛利率近 5 年中位 38.4%。", "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 1.9%(经营现金流/市值 3.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.4%,稳定度 84%,2020→2022 成本通胀期毛利率变化 0.4 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 21%,资本开支/折旧 2.51 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 471.2 倍 粗算,约 99%(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 89%,最大回撤 -31%,年化波动 72%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -12% / 53% / 38%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "益诺思:PE 比行业中位高 398.1倍;股息率 ;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}