{"F": {"ts_code": "002742.SZ", "name": "冀衡医药", "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": "20150217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.28, "pe_ttm": null, "pb": 19.7512, "dv_ttm": null, "total_mv": 292795.656, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.1, 16.3, 15.3, 19.0, 18.3, 15.7], "rev_series": [25.5, 24.9, 20.8, 20.3, 12.0, 9.0], "np_series": [0.7, -3.3, -3.2, -4.5, -6.5, -4.2], "roe_series": [4.8, -25.3, -33.1, -78.8, null, null], "period": "20260630", "rev_ttm": 6.5, "np_ttm": -3.1, "ocf_ttm": -1.0, "fcf_ttm": -1.0, "fcf_yield": -3.6, "ocf_yield": -3.4, "gm_median": 16.3, "gm_std": 1.5, "gm_stab": 0.91, "gm_chg_2022": -7.8, "npm_median": -20.2, "roe_median": -33.1, "commodity": false, "hard_ratio": 41.0, "fix_assets": 4.5, "goodwill_ratio": 16.8, "pb_calc": 19.75, "capex_dep": 0.07, "interest_debt": 4.8, "debt_ebitda": null, "debt_ratio": 80.0, "debt_mv": 16.5, "payout": null, "div_years": 0, "rev_cagr3": -24.3, "np_cagr3": null, "rev_yoy": -50.5, "np_yoy": 84.6, "np_vol": 219.1, "loss_years": 5, "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": [["药品及中间体", 99.0], ["其他业务", 1.0]], "ret_prev_year": 74.2, "ret_prev2_year": 21.6, "ret_ytd": -5.3, "ret_pivot": 167.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": 12.9, "ret_120": -6.6, "ret_250": 43.9, "mdd_250": -35.3, "vol_250": 73.6, "pos_52w": 68.6}, "S": {"duration": 100, "pricing": 44, "hard": 66, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损", "商誉占比高"], "text": {"像什么": ["资产很重:固定资产占总资产 41%,但毛利率近 5 年中位只有 16.3%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -7.8 个百分点;资产负债率 80%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 41%),没有定价权:毛利率近 5 年中位 16.3%,稳定度 91%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -3.6%(经营现金流/市值 -3.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.3%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -7.8 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 41%,资本开支/折旧 0.07 倍。涨。"], ["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 44%,最大回撤 -35%,年化波动 74%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 4% / 13% / -7%。", "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%。", "冀衡医药:PE ;股息率 ;毛利率 比行业中位低 36.2个百分点;固定资产占比 比行业中位高 11.2个百分点。"]}}