{"F": {"ts_code": "000504.SZ", "name": "南华生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "其他医疗服务", "ind": "医疗服务", "fin_source": "tushare", "market": "主板", "list_date": "19921208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.1, "pe_ttm": 69.7855, "pb": 9.8372, "dv_ttm": null, "total_mv": 267318.711, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.5, 70.8, 64.8, 68.1, 67.4, 22.1], "rev_series": [1.8, 1.6, 2.0, 1.4, 1.3, 4.2], "np_series": [0.1, -0.2, -0.1, -0.3, -0.2, 0.3], "roe_series": [36.3, -88.5, -83.5, -20.8, -8.0, 11.5], "period": "20260630", "rev_ttm": 6.6, "np_ttm": 0.4, "ocf_ttm": -1.2, "fcf_ttm": -1.3, "fcf_yield": -4.8, "ocf_yield": -4.4, "gm_median": 67.4, "gm_std": 18.4, "gm_stab": 0.73, "gm_chg_2022": 9.3, "npm_median": -17.8, "roe_median": -20.8, "commodity": false, "hard_ratio": 18.5, "fix_assets": 1.6, "goodwill_ratio": 0.7, "pb_calc": 9.84, "capex_dep": 1.32, "interest_debt": 2.2, "debt_ebitda": 3.2, "debt_ratio": 59.3, "debt_mv": 8.1, "payout": null, "div_years": 0, "rev_cagr3": 27.6, "np_cagr3": null, "rev_yoy": 473.6, "np_yoy": 272.0, "np_vol": 192.5, "loss_years": 4, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["碳酸锂业务", 48.0], ["节能产业销售及服务收入", 30.0], ["细胞储存及检测收入", 7.0], ["干细胞储存及检测收入", 7.0]], "ret_prev_year": 7.2, "ret_prev2_year": -28.0, "ret_ytd": -9.5, "ret_pivot": 17.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -4.4, "ret_120": -21.4, "ret_250": -17.3, "mdd_250": -31.6, "vol_250": 39.7, "pos_52w": 77.0}, "S": {"duration": 83, "pricing": 70, "hard": 30, "bondness": 10}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.4 亿,近 5 年亏损 4 年;PE 70 倍(盈利极薄),估值指标失真。", "资产负债率 59%,有息负债 2 亿,经营现金流/市值 -4.4%: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 18%,毛利率近 5 年中位 67.4%。", "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 -4.8%(经营现金流/市值 -4.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.4%,稳定度 73%,2020→2022 成本通胀期毛利率变化 9.3 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 18%,资本开支/折旧 1.32 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 69.8 倍 粗算,约 93%(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 -17%,最大回撤 -32%,年化波动 40%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -5% / -4% / -21%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "南华生物:PE 比行业中位低 3.3倍;股息率 ;毛利率 比行业中位高 26.1个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}