{"F": {"ts_code": "300143.SZ", "name": "盈康生命", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医院", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20101209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.7, "pe_ttm": 101.0881, "pb": 3.143, "dv_ttm": 0.2486, "total_mv": 749157.486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 23.9, 26.5, 28.6, 25.9, 27.1], "rev_series": [6.6, 10.9, 11.6, 14.7, 15.6, 18.9], "np_series": [1.3, -3.6, -6.0, 1.0, 1.2, 0.7], "roe_series": [7.2, -18.3, -39.0, 7.5, 6.1, 2.8], "period": "20260630", "rev_ttm": 20.6, "np_ttm": 0.7, "ocf_ttm": 4.8, "fcf_ttm": 2.9, "fcf_yield": 3.9, "ocf_yield": 6.4, "gm_median": 26.5, "gm_std": 1.5, "gm_stab": 0.94, "gm_chg_2022": -7.2, "npm_median": 4.6, "roe_median": 2.8, "commodity": false, "hard_ratio": 16.5, "fix_assets": 6.6, "goodwill_ratio": 25.3, "pb_calc": 3.14, "capex_dep": 3.31, "interest_debt": 8.3, "debt_ebitda": 2.3, "debt_ratio": 38.9, "debt_mv": 11.1, "payout": 27.8, "div_years": 1, "rev_cagr3": 17.7, "np_cagr3": null, "rev_yoy": 20.6, "np_yoy": 9.0, "np_vol": 154.0, "loss_years": 2, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 2, "fwd_pe": 42.8, "fwd_pe2": 37.6, "fwd_g1": 136.0, "fwd_g2": 14.0, "peg": 3.06, "consensus_disp": null, "mainbz": [["医疗服务-主营", 65.0], ["医疗设备及耗材产品", 16.0], ["医疗器械", 16.0], ["医疗服务-其他", 3.0]], "ret_prev_year": 7.4, "ret_prev2_year": -13.5, "ret_ytd": 1.6, "ret_pivot": 38.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": 12.7, "ret_120": -25.0, "ret_250": -5.5, "mdd_250": -36.0, "vol_250": 48.0, "pos_52w": 75.0}, "S": {"duration": 92, "pricing": 50, "hard": 26, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 0.7 亿,近 5 年亏损 2 年;PE 101 倍(盈利极薄),估值指标失真。", "资产负债率 39%,有息负债 8 亿,经营现金流/市值 6.4%: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": "两条都不占:固定资产占比 16%,毛利率近 5 年中位 26.5%。", "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 3.9%(经营现金流/市值 6.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -7.2 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 16%,资本开支/折旧 3.31 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 101.1 倍 粗算,约 95%(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 -6%,最大回撤 -36%,年化波动 48%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 0% / 13% / -25%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "盈康生命:PE 比行业中位高 28.0倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 14.8个百分点;固定资产占比 比行业中位低 2.4个百分点。"]}}