{"F": {"ts_code": "300030.SZ", "name": "阳普医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20091225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.82, "pe_ttm": 70.1046, "pb": 3.238, "dv_ttm": null, "total_mv": 210865.7386, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.8, 40.8, 37.2, 40.4, 41.4, 43.0], "rev_series": [9.2, 8.0, 7.1, 6.4, 5.8, 4.9], "np_series": [1.6, 0.2, -2.0, -0.6, -1.2, 0.1], "roe_series": [17.7, 1.9, -22.2, -8.4, -17.7, 2.4], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.3, "ocf_ttm": 1.5, "fcf_ttm": 1.2, "fcf_yield": 5.8, "ocf_yield": 7.1, "gm_median": 40.8, "gm_std": 1.9, "gm_stab": 0.95, "gm_chg_2022": -9.6, "npm_median": -9.3, "roe_median": -8.4, "commodity": false, "hard_ratio": 37.0, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": 3.24, "capex_dep": 1.01, "interest_debt": 1.0, "debt_ebitda": 1.0, "debt_ratio": 31.6, "debt_mv": 4.7, "payout": null, "div_years": 1, "rev_cagr3": -11.9, "np_cagr3": null, "rev_yoy": -6.9, "np_yoy": 101.8, "np_vol": 474.6, "loss_years": 3, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["真空采血系统", 49.0], ["试剂销售", 11.0], ["试剂", 11.0], ["检验服务", 5.0]], "ret_prev_year": 33.3, "ret_prev2_year": -28.8, "ret_ytd": -7.3, "ret_pivot": 35.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": 7.1, "ret_120": -18.8, "ret_250": -22.7, "mdd_250": -33.4, "vol_250": 36.6, "pos_52w": 78.3}, "S": {"duration": 83, "pricing": 57, "hard": 59, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.3 亿,近 5 年亏损 3 年;PE 70 倍(盈利极薄),估值指标失真。", "资产负债率 32%,有息负债 1 亿,经营现金流/市值 7.1%: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 37%、毛利率 40.8% 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 5.8%(经营现金流/市值 7.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -9.6 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 37%,资本开支/折旧 1.01 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 70.1 倍 粗算,约 93%(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 -23%,最大回撤 -33%,年化波动 37%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 1% / 7% / -19%。", "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%。", "阳普医疗:PE 比行业中位高 31.5倍;股息率 ;毛利率 比行业中位低 14.6个百分点;固定资产占比 比行业中位高 15.1个百分点。"]}}