{"F": {"ts_code": "300246.SZ", "name": "宝莱特", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20110719", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.99, "pe_ttm": null, "pb": 3.7815, "dv_ttm": 0.3298, "total_mv": 396659.8382, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.7, 32.7, 30.2, 32.5, 27.1, 25.7], "rev_series": [14.0, 10.9, 11.8, 11.9, 10.6, 11.0], "np_series": [3.5, 0.6, 0.2, -0.7, -0.7, -0.7], "roe_series": [47.2, 7.0, 1.9, -4.8, -5.6, -5.9], "period": "20260630", "rev_ttm": 10.9, "np_ttm": -1.1, "ocf_ttm": 1.8, "fcf_ttm": 0.9, "fcf_yield": 2.2, "ocf_yield": 4.6, "gm_median": 30.2, "gm_std": 2.8, "gm_stab": 0.91, "gm_chg_2022": -16.5, "npm_median": -5.1, "roe_median": -4.8, "commodity": false, "hard_ratio": 37.7, "fix_assets": 9.3, "goodwill_ratio": 0.6, "pb_calc": 3.6, "capex_dep": 1.51, "interest_debt": 6.5, "debt_ebitda": 16.2, "debt_ratio": 52.1, "debt_mv": 16.3, "payout": null, "div_years": 3, "rev_cagr3": -2.6, "np_cagr3": null, "rev_yoy": -1.1, "np_yoy": -2725.8, "np_vol": 146.0, "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": [["血透类", 43.0], ["血透产品", 43.0], ["监护仪产品", 13.0], ["其他业务", 1.0]], "ret_prev_year": 23.9, "ret_prev2_year": -36.2, "ret_ytd": 85.1, "ret_pivot": 148.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -22.2, "ret_60": -5.3, "ret_120": 1.0, "ret_250": 59.0, "mdd_250": -35.8, "vol_250": 70.6, "pos_52w": 69.5}, "S": {"duration": 100, "pricing": 51, "hard": 60, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 52%,有息负债 6 亿,经营现金流/市值 4.6%: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 38%、毛利率 30.2% 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 2.2%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -16.5 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 38%,资本开支/折旧 1.51 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 59%,最大回撤 -36%,年化波动 71%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -22% / -5% / 1%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "宝莱特:PE ;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 25.2个百分点;固定资产占比 比行业中位高 15.8个百分点。"]}}