{"F": {"ts_code": "002551.SZ", "name": "尚荣医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20110225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.31, "pe_ttm": null, "pb": 1.1395, "dv_ttm": null, "total_mv": 279858.7126, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.6, 18.2, 17.4, 16.6, 17.9, 11.9], "rev_series": [22.7, 17.9, 12.8, 11.9, 14.5, 10.8], "np_series": [1.6, 0.4, -3.1, -1.5, 0.2, -1.4], "roe_series": [6.0, 1.4, -10.4, -5.5, 0.8, -5.4], "period": "20260630", "rev_ttm": 11.1, "np_ttm": -1.5, "ocf_ttm": 1.2, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 4.4, "gm_median": 17.4, "gm_std": 2.3, "gm_stab": 0.87, "gm_chg_2022": -13.2, "npm_median": -13.5, "roe_median": -5.4, "commodity": false, "hard_ratio": 13.0, "fix_assets": 4.2, "goodwill_ratio": 0.4, "pb_calc": 1.14, "capex_dep": 1.43, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 19.6, "debt_mv": 1.5, "payout": 30.3, "div_years": 1, "rev_cagr3": -5.5, "np_cagr3": null, "rev_yoy": 7.1, "np_yoy": -101.6, "np_vol": 392.5, "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", 33.0], ["医疗产品生产销售收入", 27.0], ["医疗产品", 27.0], ["医院设计与建设收入", 3.0]], "ret_prev_year": 18.8, "ret_prev2_year": -24.2, "ret_ytd": -9.3, "ret_pivot": 35.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.5, "ret_60": 13.4, "ret_120": -12.9, "ret_250": -27.9, "mdd_250": -41.2, "vol_250": 32.1, "pos_52w": 72.9}, "S": {"duration": 100, "pricing": 43, "hard": 21, "bondness": 34}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 20%,有息负债 0 亿,经营现金流/市值 4.4%: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 13%,毛利率近 5 年中位 17.4%。", "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 -0.0%(经营现金流/市值 4.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.4%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -13.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 13%,资本开支/折旧 1.43 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 -28%,最大回撤 -41%,年化波动 32%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 8% / 13% / -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%。", "尚荣医疗:PE ;股息率 ;毛利率 比行业中位低 38.0个百分点;固定资产占比 比行业中位低 8.9个百分点。"]}}