{"F": {"ts_code": "920982.BJ", "name": "锦波生物", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "医疗美容", "sw3": "医美耗材", "ind": "医疗美容", "fin_source": "tushare", "market": "北交所", "list_date": "20230720", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 121.0, "pe_ttm": 25.7091, "pb": 6.8325, "dv_ttm": 1.2379, "total_mv": 1392290.614, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [80.0, 82.3, 85.4, 90.2, 92.0, 89.2], "rev_series": [1.6, 2.3, 3.9, 7.8, 14.4, 16.0], "np_series": [0.3, 0.6, 1.1, 3.0, 7.3, 6.5], "roe_series": [11.0, 18.0, 28.3, 43.0, 58.8, 38.0], "period": "20260630", "rev_ttm": 15.1, "np_ttm": 5.4, "ocf_ttm": 5.4, "fcf_ttm": 3.2, "fcf_yield": 2.3, "ocf_yield": 3.9, "gm_median": 89.2, "gm_std": 3.5, "gm_stab": 0.96, "gm_chg_2022": 5.4, "npm_median": 38.3, "roe_median": 38.0, "commodity": false, "hard_ratio": 24.9, "fix_assets": 7.1, "goodwill_ratio": 0.0, "pb_calc": 6.83, "capex_dep": 3.28, "interest_debt": 3.9, "debt_ebitda": 0.5, "debt_ratio": 28.9, "debt_mv": 2.8, "payout": 32.3, "div_years": 3, "rev_cagr3": 59.9, "np_cagr3": 81.4, "rev_yoy": -10.2, "np_yoy": -28.2, "np_vol": 63.6, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.9, "consensus_n": 19, "fwd_pe": 19.2, "fwd_pe2": 16.2, "fwd_g1": 34.0, "fwd_g2": 19.0, "peg": 1.01, "consensus_disp": null, "mainbz": [["产品", 25.0], ["医疗器械", 20.0], ["单一材料医疗器械", 18.0], ["医疗器械：单一材料医疗器械", 18.0]], "ret_prev_year": 47.9, "ret_prev2_year": 4.1, "ret_ytd": -48.0, "ret_pivot": 0.1, "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": 47, "pricing": 89, "hard": 40, "bondness": 20}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 25.7 倍、股息率 1.2%、毛利率近 5 年中位 89.2%、固定资产占比 25%、有息负债/EBITDA 0.5 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 89.2%),硬资产占比 25%。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 2.3%(经营现金流/市值 3.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 89.2%,稳定度 96%,2020→2022 成本通胀期毛利率变化 5.4 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 25%,资本开支/折旧 3.28 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.7 倍 粗算,约 81%(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「医疗美容」4 家中位:PE 25.8 / 股息率 1.2% / 毛利率 81.7% / 固定资产占比 16% / 分红率 32%。", "锦波生物:PE 比行业中位低 0.1倍;股息率 与行业中位持平;毛利率 比行业中位高 7.5个百分点;固定资产占比 比行业中位高 8.8个百分点。"]}}