{"F": {"ts_code": "920050.BJ", "name": "爱伦医疗", "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": "北交所", "list_date": "20260121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.1, "pe_ttm": 18.3915, "pb": 1.8788, "dv_ttm": 3.4364, "total_mv": 196946.8619, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.7, 22.2, 23.2, 23.1, 22.3], "rev_series": [null, 5.7, 5.7, 6.9, 9.9], "np_series": [null, 0.6, 0.7, 0.8, 0.9], "roe_series": [18.7, 11.1, 10.8, 11.8, 12.0], "period": "20260630", "rev_ttm": 11.9, "np_ttm": 1.1, "ocf_ttm": 1.3, "fcf_ttm": -1.0, "fcf_yield": -5.2, "ocf_yield": 6.6, "gm_median": 23.1, "gm_std": 0.9, "gm_stab": 0.96, "gm_chg_2022": null, "npm_median": 11.6, "roe_median": 11.8, "commodity": false, "hard_ratio": 51.0, "fix_assets": 8.2, "goodwill_ratio": 1.4, "pb_calc": 1.88, "capex_dep": 6.36, "interest_debt": 3.1, "debt_ebitda": 2.0, "debt_ratio": 33.4, "debt_mv": 15.5, "payout": 54.1, "div_years": 1, "rev_cagr3": 19.9, "np_cagr3": 14.4, "rev_yoy": 46.4, "np_yoy": 26.2, "np_vol": 23.0, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 3, "fwd_pe": 17.2, "fwd_pe2": 14.0, "fwd_g1": 7.0, "fwd_g2": 23.0, "peg": 0.75, "consensus_disp": null, "mainbz": [["康复护理系列", 38.0], ["康复护理产品", 38.0], ["手术感控产品", 20.0], ["其他收入", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "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": 37, "pricing": 53, "hard": 82, "bondness": 46}, "label": "现金流红利", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["分红率 54%、股息率 3.4%、营收 3 年复合 19.9%、有息负债/EBITDA 2.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 51%),没有定价权:毛利率近 5 年中位 23.1%,稳定度 96%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -5.2%(经营现金流/市值 6.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.1%,稳定度 96%。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 51%,资本开支/折旧 6.36 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.4 倍 粗算,约 73%(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%。", "爱伦医疗:PE 比行业中位低 20.2倍;股息率 比行业中位高 2.3个百分点;毛利率 比行业中位低 32.3个百分点;固定资产占比 比行业中位高 29.1个百分点。"]}}