{"F": {"ts_code": "002793.SZ", "name": "罗欣药业", "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": "20160415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.77, "pe_ttm": null, "pb": 4.6061, "dv_ttm": null, "total_mv": 518779.7145, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.6, 50.2, 26.7, 46.3, 42.1, 49.6], "rev_series": [61.0, 64.8, 35.9, 23.6, 26.5, 22.7], "np_series": [3.2, 4.1, -12.3, -6.6, -9.7, -2.9], "roe_series": [8.4, 9.6, -32.4, -23.4, -50.1, -22.7], "period": "20260630", "rev_ttm": 23.4, "np_ttm": -2.6, "ocf_ttm": 3.5, "fcf_ttm": 3.1, "fcf_yield": 6.0, "ocf_yield": 6.7, "gm_median": 46.3, "gm_std": 8.6, "gm_stab": 0.81, "gm_chg_2022": -26.9, "npm_median": -32.5, "roe_median": -23.4, "commodity": false, "hard_ratio": 19.2, "fix_assets": 6.9, "goodwill_ratio": 0.1, "pb_calc": 4.61, "capex_dep": 0.25, "interest_debt": 15.3, "debt_ebitda": 15.1, "debt_ratio": 66.7, "debt_mv": 29.5, "payout": null, "div_years": 1, "rev_cagr3": -14.1, "np_cagr3": null, "rev_yoy": 6.5, "np_yoy": 182.2, "np_vol": 174.7, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 43.4, "fwd_pe2": 20.3, "fwd_g1": null, "fwd_g2": 114.0, "peg": 0.38, "consensus_disp": null, "mainbz": [["消化系统类", 60.0], ["抗生素类", 20.0], ["其他类", 8.0], ["代理产品", 6.0]], "ret_prev_year": 25.7, "ret_prev2_year": -28.7, "ret_ytd": -0.6, "ret_pivot": 36.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.5, "ret_60": 16.9, "ret_120": -0.8, "ret_250": -18.2, "mdd_250": -34.9, "vol_250": 44.2, "pos_52w": 81.7}, "S": {"duration": 100, "pricing": 55, "hard": 31, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -2.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 67%,有息负债 15 亿,经营现金流/市值 6.7%: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 19%,毛利率近 5 年中位 46.3%。", "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 6.0%(经营现金流/市值 6.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.3%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -26.9 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 19%,资本开支/折旧 0.25 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 -18%,最大回撤 -35%,年化波动 44%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -10% / 17% / -1%。", "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%。", "罗欣药业: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 10.6个百分点。"]}}