{"F": {"ts_code": "920069.BJ", "name": "普昂医疗", "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": "20260327", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.28, "pe_ttm": 17.8645, "pb": 2.217, "dv_ttm": 1.5323, "total_mv": 176117.1876, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.6, 47.2, 49.4, 52.0], "rev_series": [2.4, 2.4, 3.2, 3.8], "np_series": [0.6, 0.5, 0.6, 0.9], "roe_series": [14.5, 11.0, 13.6, 16.1], "period": "20260630", "rev_ttm": 4.3, "np_ttm": 1.0, "ocf_ttm": 1.3, "fcf_ttm": 0.5, "fcf_yield": 2.6, "ocf_yield": 7.1, "gm_median": 48.3, "gm_std": 2.8, "gm_stab": 0.94, "gm_chg_2022": null, "npm_median": 21.9, "roe_median": 14.1, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 2.22, "capex_dep": null, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 12.9, "debt_mv": null, "payout": 24.1, "div_years": 1, "rev_cagr3": 16.5, "np_cagr3": 16.2, "rev_yoy": 25.1, "np_yoy": 19.9, "np_vol": 28.1, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 1, "fwd_pe": 15.8, "fwd_pe2": 12.1, "fwd_g1": 13.0, "fwd_g2": 30.0, "peg": 0.53, "consensus_disp": null, "mainbz": [["产品", 49.0], ["糖尿病护理类", 41.0], ["通用给药输注类", 6.0], ["微创介入类", 2.0]], "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": 36, "pricing": 65, "hard": 0, "bondness": 24}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 17.9 倍、股息率 1.5%、毛利率近 5 年中位 48.3%、固定资产占比 0%、资产负债率 13%: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 48.3%),硬资产占比 0%。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 2.6%(经营现金流/市值 7.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.3%,稳定度 94%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 0%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.9 倍 粗算,约 72%(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%。", "普昂医疗:PE 比行业中位低 20.7倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位低 21.9个百分点。"]}}