{"F": {"ts_code": "US.MDT", "name": "美敦力", "mkt": "US", "ccy": "美元", "sw1": "医疗设备", "sw2": "医疗设备", "sw3": "", "ind": "医疗设备", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 94.17, "pe_ttm": 23.194, "pb": 2.398, "dv_ttm": 3.03, "total_mv": 12045641.510130001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [65.0], "rev_series": [363.6], "np_series": [48.4], "roe_series": [9.8], "rev_ttm": 363.6, "np_ttm": 52.3, "ocf_ttm": 80.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.7, "gm_median": 65.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 13.3, "roe_median": 9.8, "commodity": false, "hard_ratio": 8.9, "fix_assets": 82.0, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 98.1, "debt_ratio": 46.2, "debt_mv": null, "payout": 70.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 8.4, "np_yoy": 3.1, "np_vol": null, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -0.3, "ret_20": 8.0, "ret_60": 18.4, "ret_120": 8.6, "ret_250": 4.6, "mdd_250": null, "vol_250": null, "pos_52w": 90.8, "eps": 3.73}, "S": {"duration": 44, "pricing": 64, "hard": 14, "bondness": 56}, "label": "轻资产现金牛", "tags": ["现金流红利"], "text": {"像什么": ["固定资产占比 9%,毛利率最新年报 65.0%,经营现金流/市值 6.7%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 65.0%),硬资产占比 9%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 6.7%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 65.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 9%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.2 倍 粗算,约 78%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 5%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 8% / 18% / 9%。", "行业对照": ["同富途行业「医疗设备」144 家中位:PE 26.7 / 股息率 0.0% / 毛利率 57.5% / 固定资产占比 10% / 分红率 0%。", "美敦力:PE 比行业中位低 3.5倍;股息率 比行业中位高 3.0个百分点;毛利率 比行业中位高 7.5个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}