{"F": {"ts_code": "920009.BJ", "name": "丹娜生物", "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": "北交所", "list_date": "20251103", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.98, "pe_ttm": 30.6096, "pb": 4.1192, "dv_ttm": 0.9658, "total_mv": 286765.108, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.3, 67.8, 63.4, 83.8, 85.7, 85.5], "rev_series": [null, null, 3.0, 2.4, 2.4, 2.4], "np_series": [null, null, 0.4, 0.8, 0.9, 1.0], "roe_series": [49.7, 36.1, 17.4, 23.5, 20.9, 17.1], "period": "20260630", "rev_ttm": 2.4, "np_ttm": 0.9, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 2.1, "ocf_yield": 2.8, "gm_median": 83.8, "gm_std": 9.6, "gm_stab": 0.89, "gm_chg_2022": -8.9, "npm_median": 32.8, "roe_median": 20.9, "commodity": false, "hard_ratio": 9.4, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 4.12, "capex_dep": 3.44, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 6.6, "debt_mv": 0.1, "payout": 25.0, "div_years": 1, "rev_cagr3": -6.4, "np_cagr3": 29.9, "rev_yoy": 1.7, "np_yoy": -8.1, "np_vol": 35.5, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.3, "consensus_n": 3, "fwd_pe": 23.4, "fwd_pe2": 19.8, "fwd_g1": 31.0, "fwd_g2": 18.0, "peg": 1.3, "consensus_disp": null, "mainbz": [["试剂类", 87.0], ["仪器类", 5.0], ["仪器", 5.0], ["其他类", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -31.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 53, "pricing": 77, "hard": 15, "bondness": 35}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 30.6 倍、股息率 1.0%、毛利率近 5 年中位 83.8%、固定资产占比 9%、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 83.8%),硬资产占比 9%。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 2.1%(经营现金流/市值 2.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 83.8%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -8.9 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 9%,资本开支/折旧 3.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.6 倍 粗算,约 84%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "丹娜生物:PE 比行业中位低 8.0倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 28.4个百分点;固定资产占比 比行业中位低 12.5个百分点。"]}}