{"F": {"ts_code": "920199.BJ", "name": "倍益康", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "个护小家电", "ind": "小家电", "fin_source": "tushare", "market": "北交所", "list_date": "20221201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 26.24, "pe_ttm": 230.5064, "pb": 3.4149, "dv_ttm": null, "total_mv": 178718.8032, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.3, 41.8, 38.8, 36.7, 38.0, 35.4], "rev_series": [1.3, 3.3, 3.9, 3.3, 2.9, 2.7], "np_series": [0.2, 0.8, 0.7, 0.4, 0.3, 0.0], "roe_series": [71.4, 90.7, 21.6, 8.5, 5.4, 0.8], "period": "20260630", "rev_ttm": 2.8, "np_ttm": 0.1, "ocf_ttm": -0.1, "fcf_ttm": -0.7, "fcf_yield": -4.0, "ocf_yield": -0.5, "gm_median": 38.0, "gm_std": 2.2, "gm_stab": 0.94, "gm_chg_2022": 1.5, "npm_median": 13.2, "roe_median": 8.5, "commodity": false, "hard_ratio": 51.9, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 3.41, "capex_dep": 6.09, "interest_debt": 0.9, "debt_ebitda": 3.9, "debt_ratio": 26.8, "debt_mv": 5.1, "payout": 41.7, "div_years": 3, "rev_cagr3": -11.3, "np_cagr3": -61.6, "rev_yoy": 5.9, "np_yoy": 58.1, "np_vol": 113.0, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "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], ["康复科技产品", 27.0], ["康复产品", 27.0], ["康复医疗产品", 7.0]], "ret_prev_year": 76.4, "ret_prev2_year": 18.9, "ret_ytd": -24.1, "ret_pivot": 157.6, "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": 100, "pricing": 61, "hard": 83, "bondness": 46}, "label": "钱的替代品", "tags": ["资本开支扩张期"], "text": {"像什么": ["硬资产:固定资产 + 在建 4 亿,占总资产 52%,重置成本随通胀上升。", "定价权:毛利率近 5 年中位 38.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 1.5 个百分点。", "当期现金流:自由现金流/市值 -4.0%,股息率 —,估值里 5 年后的故事约占 98%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 52%)和定价权(毛利率 38.0% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -4.0%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 1.5 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 52%,资本开支/折旧 6.09 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 230.5 倍 粗算,约 98%(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「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "倍益康:PE 比行业中位高 180.0倍;股息率 ;毛利率 比行业中位高 10.4个百分点;固定资产占比 比行业中位高 30.2个百分点。"]}}