{"F": {"ts_code": "002524.SZ", "name": "光正眼科", "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": "20101217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.06, "pe_ttm": null, "pb": 18.5959, "dv_ttm": null, "total_mv": 209224.6296, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.2, 32.1, 25.0, 35.1, 36.8, 36.3], "rev_series": [9.2, 10.4, 7.7, 10.7, 8.9, 8.9], "np_series": [0.4, 0.4, -0.8, 0.1, -1.7, -0.2], "roe_series": [7.0, 11.1, -25.5, 3.3, -88.2, -18.7], "period": "20260630", "rev_ttm": 8.4, "np_ttm": -0.0, "ocf_ttm": 1.3, "fcf_ttm": 1.1, "fcf_yield": 5.0, "ocf_yield": 6.0, "gm_median": 35.1, "gm_std": 4.4, "gm_stab": 0.88, "gm_chg_2022": -9.2, "npm_median": -2.2, "roe_median": -18.7, "commodity": false, "hard_ratio": 12.5, "fix_assets": 1.4, "goodwill_ratio": 21.1, "pb_calc": 18.6, "capex_dep": 0.81, "interest_debt": 7.4, "debt_ebitda": 5.6, "debt_ratio": 90.2, "debt_mv": 35.4, "payout": null, "div_years": 0, "rev_cagr3": 4.9, "np_cagr3": null, "rev_yoy": -10.5, "np_yoy": 1152.8, "np_vol": 796.8, "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": [["屈光项目", 34.0], ["白内障项目", 27.0], ["视光服务项目", 11.0], ["视光服务", 11.0]], "ret_prev_year": 13.2, "ret_prev2_year": -43.6, "ret_ytd": -1.5, "ret_pivot": 20.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": 13.1, "ret_120": -13.2, "ret_250": -11.9, "mdd_250": -40.5, "vol_250": 40.7, "pos_52w": 73.0}, "S": {"duration": 100, "pricing": 52, "hard": 20, "bondness": 30}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高"], "text": {"像什么": ["TTM 归母净利 -0.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 90%,有息负债 7 亿,经营现金流/市值 6.0%: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 35.1%),硬资产占比 12%。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 5.0%(经营现金流/市值 6.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.1%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -9.2 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 12%,资本开支/折旧 0.81 倍。没有资产可言。"], ["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 -12%,最大回撤 -40%,年化波动 41%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 6% / 13% / -13%。", "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%。", "光正眼科:PE ;股息率 ;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}