{"F": {"ts_code": "920180.BJ", "name": "爱得科技", "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": "20260210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.91, "pe_ttm": 21.6408, "pb": 1.8271, "dv_ttm": 2.5189, "total_mv": 140684.5478, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.9, 61.1, 62.4, 57.8, 58.0, 58.9], "rev_series": [null, null, 2.9, 2.6, 2.7, 3.0], "np_series": [null, null, 0.9, 0.6, 0.7, 0.8], "roe_series": [30.3, 28.1, 23.3, 14.4, 14.2, 14.3], "period": "20260630", "rev_ttm": 2.8, "np_ttm": 0.7, "ocf_ttm": 0.6, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 4.0, "gm_median": 58.9, "gm_std": 1.8, "gm_stab": 0.97, "gm_chg_2022": 2.6, "npm_median": 25.8, "roe_median": 14.4, "commodity": false, "hard_ratio": 17.9, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 1.83, "capex_dep": 7.23, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 13.3, "debt_mv": null, "payout": 34.1, "div_years": 1, "rev_cagr3": 1.8, "np_cagr3": -5.9, "rev_yoy": -11.5, "np_yoy": -33.4, "np_vol": 17.8, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 1, "fwd_pe": 16.8, "fwd_pe2": 14.9, "fwd_g1": 29.0, "fwd_g2": 13.0, "peg": 1.29, "consensus_disp": null, "mainbz": [["制造类产品", 32.0], ["制造类产品：创伤类产品", 11.0], ["创伤类产品", 11.0], ["脊柱类产品", 10.0]], "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": 42, "pricing": 73, "hard": 29, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 21.6 倍、股息率 2.5%、毛利率近 5 年中位 58.9%、固定资产占比 18%、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 58.9%),硬资产占比 18%。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 0.1%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 7.23 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.6 倍 粗算,约 77%(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%。", "爱得科技:PE 比行业中位低 17.0倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位低 4.0个百分点。"]}}