{"F": {"ts_code": "002030.SZ", "name": "达安基因", "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": "20040809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.4, "pe_ttm": null, "pb": 1.0799, "dv_ttm": null, "total_mv": 757860.84, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [70.8, 74.8, 72.8, 50.5, 37.5, 32.4], "rev_series": [53.4, 76.6, 120.5, 11.8, 8.5, 7.6], "np_series": [24.5, 36.2, 54.1, 1.0, -9.3, -7.4], "roe_series": [80.2, 62.3, 58.0, 1.0, -11.0, -9.9], "period": "20260630", "rev_ttm": 7.5, "np_ttm": -6.8, "ocf_ttm": 3.6, "fcf_ttm": 2.2, "fcf_yield": 2.8, "ocf_yield": 4.7, "gm_median": 50.5, "gm_std": 17.5, "gm_stab": 0.65, "gm_chg_2022": 2.1, "npm_median": 6.1, "roe_median": 1.0, "commodity": false, "hard_ratio": 17.7, "fix_assets": 14.7, "goodwill_ratio": 0.0, "pb_calc": 1.08, "capex_dep": 1.43, "interest_debt": 1.5, "debt_ebitda": 1.9, "debt_ratio": 12.6, "debt_mv": 2.0, "payout": 20.1, "div_years": 3, "rev_cagr3": -60.2, "np_cagr3": null, "rev_yoy": -3.2, "np_yoy": 33.9, "np_vol": 399.2, "loss_years": 2, "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], ["销售商品", 40.0], ["提供劳务", 7.0], ["金融服务", 2.0]], "ret_prev_year": 4.9, "ret_prev2_year": -41.2, "ret_ytd": -9.4, "ret_pivot": 6.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.7, "ret_60": 2.1, "ret_120": -12.8, "ret_250": -24.2, "mdd_250": -36.7, "vol_250": 41.8, "pos_52w": 70.0}, "S": {"duration": 100, "pricing": 57, "hard": 28, "bondness": 33}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -6.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 13%,有息负债 2 亿,经营现金流/市值 4.7%: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 50.5%。", "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 2.8%(经营现金流/市值 4.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.5%,稳定度 65%,2020→2022 成本通胀期毛利率变化 2.1 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 1.43 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 -24%,最大回撤 -37%,年化波动 42%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -4% / 2% / -13%。", "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%。", "达安基因:PE ;股息率 ;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位低 4.2个百分点。"]}}