{"F": {"ts_code": "000566.SZ", "name": "海南海药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "19940525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.88, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 633114.1688, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.7, 40.4, 43.2, 38.6, 35.2, 24.8], "rev_series": [22.0, 20.6, 17.8, 14.8, 9.9, 8.3], "np_series": [-5.8, -15.6, 0.1, -1.1, -15.3, -4.3], "roe_series": [-14.2, -53.1, 0.5, -5.0, -117.9, -141.7], "period": "20260630", "rev_ttm": 7.0, "np_ttm": -4.8, "ocf_ttm": 0.6, "fcf_ttm": -1.4, "fcf_yield": -2.1, "ocf_yield": 0.9, "gm_median": 38.6, "gm_std": 6.4, "gm_stab": 0.84, "gm_chg_2022": -0.5, "npm_median": -54.9, "roe_median": -53.1, "commodity": false, "hard_ratio": 41.0, "fix_assets": 23.2, "goodwill_ratio": 1.8, "pb_calc": null, "capex_dep": 1.2, "interest_debt": 30.0, "debt_ebitda": null, "debt_ratio": 101.9, "debt_mv": 47.3, "payout": null, "div_years": 0, "rev_cagr3": -22.4, "np_cagr3": null, "rev_yoy": -28.7, "np_yoy": -34.0, "np_vol": 611.0, "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", 40.0], ["其他品种", 10.0], ["其他主营业务", 10.0], ["医疗服务费", 10.0]], "ret_prev_year": 49.3, "ret_prev2_year": 6.0, "ret_ytd": -31.7, "ret_pivot": 33.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -18.5, "ret_60": 28.8, "ret_120": -12.1, "ret_250": -21.3, "mdd_250": -57.6, "vol_250": 66.0, "pos_52w": 55.7}, "S": {"duration": 100, "pricing": 56, "hard": 66, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 102%,有息负债 30 亿,经营现金流/市值 0.9%: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": "只占硬资产一条(占比 41%),没有定价权:毛利率近 5 年中位 38.6%,稳定度 84%。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": "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 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.6%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -0.5 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 41%,资本开支/折旧 1.20 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 -21%,最大回撤 -58%,年化波动 66%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -18% / 29% / -12%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "海南海药:PE ;股息率 ;毛利率 比行业中位低 13.9个百分点;固定资产占比 比行业中位高 11.2个百分点。"]}}