{"F": {"ts_code": "002872.SZ", "name": "ST天圣", "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": "20170519", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.81, "pe_ttm": null, "pb": 0.9588, "dv_ttm": null, "total_mv": 184758.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.1, 41.3, 56.6, 47.1, 47.7, 49.1], "rev_series": [12.0, 7.4, 6.1, 5.8, 5.7, 5.1], "np_series": [-4.9, -0.7, -0.9, -0.9, -0.9, -0.6], "roe_series": [-17.6, -2.9, -4.1, -4.4, -4.3, -2.8], "period": "20260630", "rev_ttm": 5.1, "np_ttm": -0.4, "ocf_ttm": 0.6, "fcf_ttm": 0.3, "fcf_yield": 1.8, "ocf_yield": 3.4, "gm_median": 47.7, "gm_std": 4.9, "gm_stab": 0.9, "gm_chg_2022": 27.5, "npm_median": -15.1, "roe_median": -4.1, "commodity": false, "hard_ratio": 50.3, "fix_assets": 12.9, "goodwill_ratio": 0.0, "pb_calc": 0.96, "capex_dep": 0.27, "interest_debt": 3.2, "debt_ebitda": 4.4, "debt_ratio": 24.7, "debt_mv": 17.6, "payout": null, "div_years": 0, "rev_cagr3": -5.4, "np_cagr3": null, "rev_yoy": 0.3, "np_yoy": 34.2, "np_vol": 40.6, "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": [["产品", 35.0], ["自制口服固体制剂", 16.0], ["口服固体制剂", 16.0], ["自制小容量注射液", 7.0]], "ret_prev_year": 7.0, "ret_prev2_year": -11.5, "ret_ytd": 19.5, "ret_pivot": 60.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.9, "ret_60": 15.7, "ret_120": 10.0, "ret_250": 17.8, "mdd_250": -21.6, "vol_250": 29.5, "pos_52w": 96.4}, "S": {"duration": 100, "pricing": 67, "hard": 80, "bondness": 33}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 25%,有息负债 3 亿,经营现金流/市值 3.4%: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": "硬资产占比 50%、毛利率 47.7% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 1.8%(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 47.7%,稳定度 90%,2020→2022 成本通胀期毛利率变化 27.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 50%,资本开支/折旧 0.27 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 18%,最大回撤 -22%,年化波动 30%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 12% / 16% / 10%。", "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%。", "ST天圣:PE ;股息率 ;毛利率 比行业中位低 4.8个百分点;固定资产占比 比行业中位高 20.5个百分点。"]}}