{"F": {"ts_code": "300086.SZ", "name": "康芝药业", "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": "创业板", "list_date": "20100526", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.56, "pe_ttm": null, "pb": 3.444, "dv_ttm": null, "total_mv": 298561.6064, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.3, 50.5, 50.8, 57.3, 55.0, 54.2], "rev_series": [9.2, 8.4, 5.4, 6.9, 4.7, 4.7], "np_series": [0.1, 0.1, -1.9, -0.1, -2.2, -2.3], "roe_series": [0.6, 0.7, -13.3, -1.0, -17.7, -22.8], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -2.1, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 0.9, "ocf_yield": 1.5, "gm_median": 54.2, "gm_std": 2.6, "gm_stab": 0.95, "gm_chg_2022": -0.5, "npm_median": -36.9, "roe_median": -13.3, "commodity": false, "hard_ratio": 39.6, "fix_assets": 6.8, "goodwill_ratio": 0.5, "pb_calc": 3.44, "capex_dep": 0.36, "interest_debt": 4.3, "debt_ebitda": null, "debt_ratio": 48.1, "debt_mv": 14.3, "payout": null, "div_years": 0, "rev_cagr3": -4.5, "np_cagr3": null, "rev_yoy": -37.7, "np_yoy": 39.4, "np_vol": 829.2, "loss_years": 4, "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", 46.0], ["儿童药", 30.0], ["成人药", 7.0], ["母婴健康用品", 5.0]], "ret_prev_year": 145.5, "ret_prev2_year": -16.5, "ret_ytd": -45.5, "ret_pivot": 74.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": 7.5, "ret_120": -23.9, "ret_250": -7.0, "mdd_250": -58.9, "vol_250": 69.9, "pos_52w": 47.8}, "S": {"duration": 100, "pricing": 67, "hard": 63, "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 -2.1 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 4 亿,经营现金流/市值 1.5%: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 40%、毛利率 54.2% 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 0.9%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -0.5 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 40%,资本开支/折旧 0.36 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 -7%,最大回撤 -59%,年化波动 70%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -3% / 8% / -24%。", "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%。", "康芝药业:PE ;股息率 ;毛利率 比行业中位高 1.7个百分点;固定资产占比 比行业中位高 9.8个百分点。"]}}