{"F": {"ts_code": "920166.BJ", "name": "海圣医疗", "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": "20260212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.52, "pe_ttm": 19.0782, "pb": 2.406, "dv_ttm": null, "total_mv": 154503.5301, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.8, 53.1, 52.1, 52.0], "rev_series": [2.7, 3.1, 3.0, 3.5], "np_series": [0.7, 0.8, 0.7, 0.9], "roe_series": [26.9, 26.0, 18.9, 18.9], "period": "20260630", "rev_ttm": 3.5, "np_ttm": 0.8, "ocf_ttm": 0.8, "fcf_ttm": 0.1, "fcf_yield": 0.6, "ocf_yield": 5.2, "gm_median": 52.5, "gm_std": 0.5, "gm_stab": 0.99, "gm_chg_2022": null, "npm_median": 25.2, "roe_median": 22.5, "commodity": false, "hard_ratio": 44.5, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 2.41, "capex_dep": null, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 8.7, "debt_mv": 0.1, "payout": null, "div_years": 0, "rev_cagr3": 8.9, "np_cagr3": 7.0, "rev_yoy": 4.3, "np_yoy": -13.6, "np_vol": 12.6, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["麻醉类耗材", 26.0], ["麻醉类", 26.0], ["监护类耗材", 19.0], ["监护类", 19.0]], "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": 38, "pricing": 68, "hard": 71, "bondness": 11}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.1 倍、股息率 —、毛利率近 5 年中位 52.5%、固定资产占比 44%、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 44%、毛利率 52.5% 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 0.6%(经营现金流/市值 5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.5%,稳定度 99%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 44%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.1 倍 粗算,约 74%(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%。", "海圣医疗:PE 比行业中位低 19.5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 22.6个百分点。"]}}