{"F": {"ts_code": "002022.SZ", "name": "科华生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20040721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.73, "pe_ttm": null, "pb": 1.1919, "dv_ttm": null, "total_mv": 294749.5383, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.3, 54.5, 52.6, 42.3, 36.8, 35.1], "rev_series": [41.6, 48.5, 69.7, 24.3, 17.6, 16.4], "np_series": [6.8, 8.5, 9.7, -2.3, -6.4, -7.3], "roe_series": [24.6, 24.3, 22.4, -5.2, -17.0, -24.5], "period": "20260630", "rev_ttm": 16.9, "np_ttm": -7.0, "ocf_ttm": 0.2, "fcf_ttm": -1.1, "fcf_yield": -3.9, "ocf_yield": 0.6, "gm_median": 42.3, "gm_std": 8.0, "gm_stab": 0.81, "gm_chg_2022": -5.7, "npm_median": -7.3, "roe_median": -5.2, "commodity": false, "hard_ratio": 17.2, "fix_assets": 7.7, "goodwill_ratio": 13.4, "pb_calc": 1.17, "capex_dep": 1.1, "interest_debt": 7.2, "debt_ebitda": null, "debt_ratio": 33.2, "debt_mv": 24.3, "payout": null, "div_years": 2, "rev_cagr3": -38.2, "np_cagr3": null, "rev_yoy": 5.5, "np_yoy": 22.2, "np_vol": 79.8, "loss_years": 3, "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", 49.0], ["代理产品", 23.0], ["自产产品", 23.0], ["其他主营业务", 3.0]], "ret_prev_year": -5.9, "ret_prev2_year": -44.6, "ret_ytd": -3.5, "ret_pivot": 3.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.3, "ret_60": 13.5, "ret_120": -4.0, "ret_250": -21.8, "mdd_250": -37.6, "vol_250": 31.3, "pos_52w": 78.1}, "S": {"duration": 100, "pricing": 53, "hard": 28, "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 -7.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 33%,有息负债 7 亿,经营现金流/市值 0.6%: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 17%,毛利率近 5 年中位 42.3%。", "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 -3.9%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.3%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -5.7 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 17%,资本开支/折旧 1.10 倍。有一些。"], ["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 -22%,最大回撤 -38%,年化波动 31%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 8% / 14% / -4%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "科华生物:PE ;股息率 ;毛利率 比行业中位低 13.1个百分点;固定资产占比 比行业中位低 4.7个百分点。"]}}