{"F": {"ts_code": "300111.SZ", "name": "向日葵", "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": "20100827", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.08, "pe_ttm": null, "pb": 5.9192, "dv_ttm": null, "total_mv": 396460.8956, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.7, 36.9, 28.7, 24.8, 22.6, 20.9], "rev_series": [2.9, 3.0, 3.4, 3.4, 3.3, 2.7], "np_series": [0.6, 0.5, -0.0, 0.2, 0.1, -0.0], "roe_series": [55.7, 24.4, -0.4, 4.5, 1.1, -0.6], "period": "20260630", "rev_ttm": 2.4, "np_ttm": -0.2, "ocf_ttm": -0.2, "fcf_ttm": -0.3, "fcf_yield": -0.8, "ocf_yield": -0.5, "gm_median": 24.8, "gm_std": 5.7, "gm_stab": 0.77, "gm_chg_2022": -7.0, "npm_median": 4.0, "roe_median": 1.1, "commodity": false, "hard_ratio": 7.6, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 5.92, "capex_dep": 0.85, "interest_debt": 0.0, "debt_ebitda": 1.1, "debt_ratio": 17.7, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": -6.8, "np_cagr3": null, "rev_yoy": -24.8, "np_yoy": -1168.1, "np_vol": 838.1, "loss_years": 2, "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", 33.0], ["原料药", 24.0], ["原料类产品", 24.0], ["制剂药产品", 9.0]], "ret_prev_year": 89.2, "ret_prev2_year": 6.6, "ret_ytd": -49.8, "ret_pivot": 45.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": 0.3, "ret_120": -28.4, "ret_250": -20.4, "mdd_250": -72.3, "vol_250": 79.6, "pos_52w": 32.7}, "S": {"duration": 100, "pricing": 43, "hard": 12, "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 -0.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 18%,有息负债 0 亿,经营现金流/市值 -0.5%: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": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 24.8%。", "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 -0.8%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -7.0 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 8%,资本开支/折旧 0.85 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 -20%,最大回撤 -72%,年化波动 80%,现价在 52 周高点的 33%;近 20 / 60 / 120 日 1% / 0% / -28%。", "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%。", "向日葵:PE ;股息率 ;毛利率 比行业中位低 27.7个百分点;固定资产占比 比行业中位低 22.2个百分点。"]}}