{"F": {"ts_code": "920685.BJ", "name": "新芝生物", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20221010", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.53, "pe_ttm": 30.0489, "pb": 2.0415, "dv_ttm": 1.0076, "total_mv": 114669.4741, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.7, 68.3, 62.6, 65.2, 61.5, 63.2], "rev_series": [1.4, 1.7, 1.9, 1.9, 1.7, 1.7], "np_series": [0.4, 0.5, 0.4, 0.6, 0.4, 0.4], "roe_series": [29.0, 32.6, 11.2, 10.7, 7.7, 6.4], "period": "20260630", "rev_ttm": 1.8, "np_ttm": 0.4, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 2.6, "ocf_yield": 4.3, "gm_median": 63.2, "gm_std": 2.4, "gm_stab": 0.96, "gm_chg_2022": -5.1, "npm_median": 30.7, "roe_median": 10.7, "commodity": false, "hard_ratio": 25.9, "fix_assets": 1.8, "goodwill_ratio": 1.0, "pb_calc": 2.04, "capex_dep": 4.23, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 12.8, "debt_mv": 0.6, "payout": 38.3, "div_years": 4, "rev_cagr3": -3.7, "np_cagr3": -4.2, "rev_yoy": 17.9, "np_yoy": 24.9, "np_vol": 29.5, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 1, "fwd_pe": 25.6, "fwd_pe2": 23.2, "fwd_g1": 18.0, "fwd_g2": 10.0, "peg": 2.56, "consensus_disp": null, "mainbz": [["产品", 35.0], ["生物样品处理仪器", 19.0], ["生物样品处理", 19.0], ["通用仪器", 9.0]], "ret_prev_year": 31.0, "ret_prev2_year": -20.9, "ret_ytd": -7.1, "ret_pivot": 78.7, "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": 53, "pricing": 69, "hard": 41, "bondness": 40}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 30.0 倍、股息率 1.0%、毛利率近 5 年中位 63.2%、固定资产占比 26%、有息负债/EBITDA 0.1 倍: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 63.2%),硬资产占比 26%。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 4.3%)。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 96%,2020→2022 成本通胀期毛利率变化 -5.1 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 26%,资本开支/折旧 4.23 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.0 倍 粗算,约 83%(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「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "新芝生物:PE 比行业中位低 20.6倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 34.7个百分点;固定资产占比 比行业中位高 5.1个百分点。"]}}