{"F": {"ts_code": "002932.SZ", "name": "*ST明德", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20180710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.51, "pe_ttm": null, "pb": 0.6737, "dv_ttm": null, "total_mv": 360640.071, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [78.2, 75.0, 66.8, 54.3, 53.9, 36.2], "rev_series": [9.6, 28.3, 105.3, 7.5, 3.5, 2.7], "np_series": [4.7, 14.1, 42.1, 0.7, 0.7, -0.2], "roe_series": [54.8, 72.6, 90.6, 1.2, 1.3, -0.3], "period": "20260630", "rev_ttm": 2.7, "np_ttm": -0.5, "ocf_ttm": -0.3, "fcf_ttm": -0.9, "fcf_yield": -2.4, "ocf_yield": -0.8, "gm_median": 54.3, "gm_std": 13.2, "gm_stab": 0.76, "gm_chg_2022": -11.4, "npm_median": 9.2, "roe_median": 1.3, "commodity": false, "hard_ratio": 11.0, "fix_assets": 6.3, "goodwill_ratio": 0.4, "pb_calc": 0.67, "capex_dep": 1.31, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 5.2, "debt_mv": 0.9, "payout": 204.5, "div_years": 4, "rev_cagr3": -70.7, "np_cagr3": null, "rev_yoy": 1.5, "np_yoy": -275.0, "np_vol": 139.9, "loss_years": 1, "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], ["体外诊断试剂", 30.0], ["体外诊断产品和解决方案", 30.0], ["经营业务及其他", 4.0]], "ret_prev_year": 11.5, "ret_prev2_year": -20.4, "ret_ytd": -19.1, "ret_pivot": 9.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.0, "ret_60": 5.2, "ret_120": -17.1, "ret_250": -28.0, "mdd_250": -35.6, "vol_250": 27.5, "pos_52w": 72.1}, "S": {"duration": 100, "pricing": 58, "hard": 18, "bondness": 58}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 5%,有息负债 0 亿,经营现金流/市值 -0.8%: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 11%,毛利率近 5 年中位 54.3%。", "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 -2.4%(经营现金流/市值 -0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.3%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -11.4 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 11%,资本开支/折旧 1.31 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 -36%,年化波动 28%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 5% / 5% / -17%。", "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%。", "*ST明德:PE ;股息率 ;毛利率 比行业中位低 1.1个百分点;固定资产占比 比行业中位低 10.9个百分点。"]}}