{"F": {"ts_code": "300204.SZ", "name": "舒泰神", "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": "20110415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.94, "pe_ttm": null, "pb": 14.0436, "dv_ttm": null, "total_mv": 1133575.0584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [81.7, 80.9, 81.5, 82.2, 80.8, 77.3], "rev_series": [4.3, 5.8, 5.5, 3.6, 3.2, 2.2], "np_series": [-1.3, -1.4, -2.0, -4.0, -1.4, -0.8], "roe_series": [-8.3, -8.8, -13.6, -33.6, -14.9, -8.9], "period": "20260630", "rev_ttm": 1.9, "np_ttm": -0.9, "ocf_ttm": -1.0, "fcf_ttm": -1.9, "fcf_yield": -1.7, "ocf_yield": -0.9, "gm_median": 80.9, "gm_std": 1.7, "gm_stab": 0.98, "gm_chg_2022": -0.2, "npm_median": -40.0, "roe_median": -13.6, "commodity": false, "hard_ratio": 15.4, "fix_assets": 2.0, "goodwill_ratio": 1.5, "pb_calc": 14.04, "capex_dep": 4.21, "interest_debt": 1.5, "debt_ebitda": null, "debt_ratio": 39.3, "debt_mv": 1.3, "payout": null, "div_years": 0, "rev_cagr3": -26.2, "np_cagr3": null, "rev_yoy": -26.0, "np_yoy": -49.2, "np_vol": 60.5, "loss_years": 5, "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": [["其他主营业务", 33.0], ["产品", 33.0], ["注射用鼠神经生长因子(苏肽生)", 23.0], ["复方聚乙二醇电解质散(IV)(舒泰清)", 5.0]], "ret_prev_year": 268.7, "ret_prev2_year": -27.1, "ret_ytd": -23.4, "ret_pivot": 233.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.8, "ret_60": 2.7, "ret_120": -17.9, "ret_250": -65.7, "mdd_250": -65.8, "vol_250": 69.6, "pos_52w": 36.9}, "S": {"duration": 100, "pricing": 82, "hard": 25, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 39%,有息负债 2 亿,经营现金流/市值 -0.9%: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": "只占定价权一条(毛利率 80.9%),硬资产占比 15%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -1.7%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 80.9%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.2 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 15%,资本开支/折旧 4.21 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 -66%,最大回撤 -66%,年化波动 70%,现价在 52 周高点的 37%;近 20 / 60 / 120 日 -15% / 3% / -18%。", "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%。", "舒泰神:PE ;股息率 ;毛利率 比行业中位高 28.4个百分点;固定资产占比 比行业中位低 14.4个百分点。"]}}