{"F": {"ts_code": "000516.SZ", "name": "国际医学", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医院", "ind": "医疗服务", "fin_source": "tushare", "market": "主板", "list_date": "19930809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.05, "pe_ttm": null, "pb": 2.7876, "dv_ttm": null, "total_mv": 906753.204, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-9.2, 1.5, -6.6, 9.5, 9.5, 8.3], "rev_series": [16.1, 29.2, 27.1, 46.2, 48.2, 40.7], "np_series": [0.5, -8.2, -11.8, -3.7, -2.5, -3.1], "roe_series": [0.9, -15.9, -24.6, -9.0, -6.7, -9.0], "period": "20260630", "rev_ttm": 40.7, "np_ttm": -2.1, "ocf_ttm": 11.8, "fcf_ttm": 10.2, "fcf_yield": 11.3, "ocf_yield": 13.0, "gm_median": 8.3, "gm_std": 6.3, "gm_stab": 0.25, "gm_chg_2022": 2.6, "npm_median": -10.3, "roe_median": -9.0, "commodity": false, "hard_ratio": 78.6, "fix_assets": 72.3, "goodwill_ratio": 0.0, "pb_calc": 2.79, "capex_dep": 0.25, "interest_debt": 38.7, "debt_ebitda": 7.7, "debt_ratio": 68.5, "debt_mv": 42.7, "payout": null, "div_years": 0, "rev_cagr3": 14.5, "np_cagr3": null, "rev_yoy": -0.1, "np_yoy": 60.4, "np_vol": 769.4, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 4, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["医疗业", 48.0], ["其他社会服务业", 2.0]], "ret_prev_year": -18.8, "ret_prev2_year": -34.9, "ret_ytd": -5.6, "ret_pivot": -1.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": 4.9, "ret_120": -22.9, "ret_250": -26.5, "mdd_250": -37.6, "vol_250": 37.5, "pos_52w": 65.4}, "S": {"duration": 100, "pricing": 22, "hard": 100, "bondness": 20}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 79%,但毛利率近 5 年中位只有 8.3%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 2.6 个百分点;有息负债/EBITDA 7.7 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 79%),没有定价权:毛利率近 5 年中位 8.3%,稳定度 25%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 11.3%(经营现金流/市值 13.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.3%,稳定度 25%,2020→2022 成本通胀期毛利率变化 2.6 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 79%,资本开支/折旧 0.25 倍。涨。"], ["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 -26%,最大回撤 -38%,年化波动 38%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -5% / 5% / -23%。", "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%。", "国际医学:PE ;股息率 ;毛利率 比行业中位低 33.0个百分点;固定资产占比 比行业中位高 59.7个百分点。"]}}