{"F": {"ts_code": "000503.SZ", "name": "国新健康", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "主板", "list_date": "19921130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.03, "pe_ttm": null, "pb": 6.1594, "dv_ttm": null, "total_mv": 688414.5075, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.7, 13.4, 20.7, 24.8, 15.3, 21.2], "rev_series": [2.1, 2.5, 3.1, 3.3, 3.6, 3.5], "np_series": [-2.4, -1.8, -0.8, -0.8, -0.1, -4.0], "roe_series": [-22.2, -20.1, -11.3, -7.5, -0.7, -33.5], "period": "20260630", "rev_ttm": 3.6, "np_ttm": -4.1, "ocf_ttm": -1.0, "fcf_ttm": -1.4, "fcf_yield": -2.1, "ocf_yield": -1.4, "gm_median": 20.7, "gm_std": 4.2, "gm_stab": 0.8, "gm_chg_2022": 6.0, "npm_median": -27.2, "roe_median": -11.3, "commodity": false, "hard_ratio": 0.7, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 6.16, "capex_dep": 14.76, "interest_debt": 3.9, "debt_ebitda": null, "debt_ratio": 33.0, "debt_mv": 5.6, "payout": null, "div_years": 0, "rev_cagr3": 4.1, "np_cagr3": null, "rev_yoy": 6.3, "np_yoy": -3.2, "np_vol": 1534.9, "loss_years": 5, "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], ["数字医保", 26.0], ["健康服务", 11.0], ["数字医药", 7.0]], "ret_prev_year": -19.1, "ret_prev2_year": -16.7, "ret_ytd": -20.8, "ret_pivot": -6.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": 1.2, "ret_120": -17.7, "ret_250": -37.1, "mdd_250": -47.0, "vol_250": 37.3, "pos_52w": 60.6}, "S": {"duration": 100, "pricing": 50, "hard": 1, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -4.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 33%,有息负债 4 亿,经营现金流/市值 -1.4%: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 1%,毛利率近 5 年中位 20.7%。", "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 -2.1%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 80%,2020→2022 成本通胀期毛利率变化 6.0 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 1%,资本开支/折旧 14.76 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 -37%,最大回撤 -47%,年化波动 37%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -5% / 1% / -18%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "国新健康:PE ;股息率 ;毛利率 比行业中位低 28.0个百分点;固定资产占比 比行业中位低 8.1个百分点。"]}}