{"F": {"ts_code": "000078.SZ", "name": "ST海王", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "19981218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.45, "pe_ttm": null, "pb": 3.7288, "dv_ttm": null, "total_mv": 381512.864, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.6, 10.7, 10.0, 9.8, 9.5, 9.2], "rev_series": [400.2, 410.5, 378.3, 364.2, 303.2, 266.7], "np_series": [-2.9, 0.9, -10.3, -16.9, -11.9, -5.6], "roe_series": [-4.8, 1.6, -19.5, -43.9, -49.7, -37.3], "period": "20260630", "rev_ttm": 236.6, "np_ttm": -8.0, "ocf_ttm": 0.8, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 2.1, "gm_median": 9.8, "gm_std": 0.5, "gm_stab": 0.95, "gm_chg_2022": -1.6, "npm_median": -2.6, "roe_median": -37.3, "commodity": false, "hard_ratio": 4.0, "fix_assets": 9.5, "goodwill_ratio": 1.0, "pb_calc": 3.73, "capex_dep": 0.63, "interest_debt": 102.4, "debt_ebitda": 57.9, "debt_ratio": 92.2, "debt_mv": 268.3, "payout": null, "div_years": 0, "rev_cagr3": -11.0, "np_cagr3": null, "rev_yoy": -21.0, "np_yoy": -743.8, "np_vol": 499.4, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["采购商品", 49.0], ["公司产品", 1.0], ["其他业务", 0.0]], "ret_prev_year": 35.7, "ret_prev2_year": -18.8, "ret_ytd": -58.1, "ret_pivot": -32.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -16.7, "ret_60": -9.9, "ret_120": -55.4, "ret_250": -47.5, "mdd_250": -75.6, "vol_250": 68.8, "pos_52w": 27.4}, "S": {"duration": 100, "pricing": 44, "hard": 6, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -8.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 92%,有息负债 102 亿,经营现金流/市值 2.1%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 4%,毛利率近 5 年中位 9.8%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.2%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -1.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 4%,资本开支/折旧 0.63 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -48%,最大回撤 -76%,年化波动 69%,现价在 52 周高点的 27%;近 20 / 60 / 120 日 -17% / -10% / -55%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "ST海王:PE ;股息率 ;毛利率 比行业中位低 3.6个百分点;固定资产占比 比行业中位低 3.2个百分点。"]}}