{"F": {"ts_code": "920072.BJ", "name": "科莱瑞迪", "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": "20260629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.59, "pe_ttm": 27.4125, "pb": 2.5448, "dv_ttm": null, "total_mv": 188359.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [66.0, 65.5, 64.6, 63.2, 62.1, 60.3], "rev_series": [null, null, 2.3, 2.4, 2.9, 3.2], "np_series": [null, null, 0.7, 0.6, 0.7, 0.6], "roe_series": [23.7, 22.7, 21.9, 16.3, 15.9, 13.4], "period": "20260630", "rev_ttm": 3.4, "np_ttm": 0.7, "ocf_ttm": 0.9, "fcf_ttm": 0.5, "fcf_yield": 2.5, "ocf_yield": 4.6, "gm_median": 63.2, "gm_std": 1.8, "gm_stab": 0.97, "gm_chg_2022": -1.4, "npm_median": 25.2, "roe_median": 16.3, "commodity": false, "hard_ratio": 30.6, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 2.54, "capex_dep": 2.58, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 10.2, "debt_mv": 0.2, "payout": null, "div_years": 0, "rev_cagr3": 10.6, "np_cagr3": -2.6, "rev_yoy": 16.1, "np_yoy": 15.3, "np_vol": 13.5, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["放疗定位装置", 27.0], ["放疗器材", 27.0], ["骨科器材", 5.0]], "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": 50, "pricing": 72, "hard": 49, "bondness": 9}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 27.4 倍、股息率 —、毛利率近 5 年中位 63.2%、固定资产占比 31%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 63.2% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 2.5%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -1.4 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 31%,资本开支/折旧 2.58 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.4 倍 粗算,约 82%(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%。", "科莱瑞迪:PE 比行业中位低 11.2倍;股息率 ;毛利率 比行业中位高 7.8个百分点;固定资产占比 比行业中位高 8.7个百分点。"]}}