{"F": {"ts_code": "002370.SZ", "name": "亚太药业", "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": "20100316", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.39, "pe_ttm": null, "pb": 3.589, "dv_ttm": null, "total_mv": 401914.7825, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.2, 37.9, 35.8, 32.1, 31.2, 33.1], "rev_series": [5.1, 3.2, 3.7, 4.2, 4.1, 3.2], "np_series": [0.3, -2.3, -1.3, -0.1, 0.3, 1.0], "roe_series": [4.2, -41.8, -36.2, -2.7, 4.4, 9.2], "period": "20260630", "rev_ttm": 3.3, "np_ttm": -0.1, "ocf_ttm": -0.7, "fcf_ttm": -0.8, "fcf_yield": -1.9, "ocf_yield": -1.7, "gm_median": 33.1, "gm_std": 2.5, "gm_stab": 0.93, "gm_chg_2022": -15.4, "npm_median": -2.8, "roe_median": -2.7, "commodity": false, "hard_ratio": 24.2, "fix_assets": 2.9, "goodwill_ratio": 0.0, "pb_calc": 3.59, "capex_dep": 0.42, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 5.7, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": -4.7, "np_cagr3": null, "rev_yoy": 3.6, "np_yoy": -100.4, "np_vol": 460.6, "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", 41.0], ["非抗生素类制剂", 23.0], ["抗生素类制剂", 18.0], ["抗生素类", 18.0]], "ret_prev_year": 139.7, "ret_prev2_year": -28.9, "ret_ytd": -26.3, "ret_pivot": 100.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.1, "ret_60": 3.9, "ret_120": -17.8, "ret_250": -20.4, "mdd_250": -49.4, "vol_250": 51.6, "pos_52w": 59.5}, "S": {"duration": 100, "pricing": 53, "hard": 39, "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 -0.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 6%,有息负债 0 亿,经营现金流/市值 -1.7%: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": "只占定价权一条(毛利率 33.1%),硬资产占比 24%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -1.9%(经营现金流/市值 -1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.1%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -15.4 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 24%,资本开支/折旧 0.42 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 -20%,最大回撤 -49%,年化波动 52%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 2% / 4% / -18%。", "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%。", "亚太药业:PE ;股息率 ;毛利率 比行业中位低 19.4个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}