{"F": {"ts_code": "300149.SZ", "name": "睿智医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20101222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.93, "pe_ttm": null, "pb": 3.535, "dv_ttm": null, "total_mv": 450952.3194, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.3, 31.7, 25.4, 25.9, 21.8, 28.6], "rev_series": [14.8, 16.9, 13.3, 11.4, 9.7, 11.3], "np_series": [1.5, -4.0, 3.6, -9.2, -2.3, 0.1], "roe_series": [6.5, -18.3, 16.8, -48.5, -17.1, 1.1], "period": "20260630", "rev_ttm": 11.6, "np_ttm": -0.4, "ocf_ttm": 1.7, "fcf_ttm": 1.0, "fcf_yield": 2.2, "ocf_yield": 3.7, "gm_median": 25.9, "gm_std": 3.3, "gm_stab": 0.87, "gm_chg_2022": -12.9, "npm_median": -23.3, "roe_median": -17.1, "commodity": false, "hard_ratio": 15.9, "fix_assets": 3.2, "goodwill_ratio": 0.0, "pb_calc": 3.53, "capex_dep": 1.37, "interest_debt": 4.2, "debt_ebitda": 2.7, "debt_ratio": 34.3, "debt_mv": 9.4, "payout": null, "div_years": 0, "rev_cagr3": -5.1, "np_cagr3": -66.7, "rev_yoy": 5.4, "np_yoy": -222.1, "np_vol": 238.3, "loss_years": 3, "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], ["医药研发服务及生产外包业务", 32.0], ["医药研发、生产外包", 32.0], ["大健康及医疗业务", 1.0]], "ret_prev_year": 48.9, "ret_prev2_year": -16.1, "ret_ytd": -6.6, "ret_pivot": 73.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.3, "ret_60": 16.3, "ret_120": -11.9, "ret_250": -33.5, "mdd_250": -46.0, "vol_250": 63.3, "pos_52w": 63.9}, "S": {"duration": 100, "pricing": 47, "hard": 25, "bondness": 28}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 4 亿,经营现金流/市值 3.7%: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 25.9%。", "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 2.2%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.9%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -12.9 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 1.37 倍。有一些。"], ["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 -34%,最大回撤 -46%,年化波动 63%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -14% / 16% / -12%。", "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%。", "睿智医药:PE ;股息率 ;毛利率 比行业中位低 15.4个百分点;固定资产占比 比行业中位低 3.0个百分点。"]}}