{"F": {"ts_code": "300289.SZ", "name": "利德曼", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20120216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.88, "pe_ttm": null, "pb": 1.96, "dv_ttm": null, "total_mv": 319878.762, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.3, 52.5, 42.5, 57.4, 52.1, 50.1], "rev_series": [4.7, 5.6, 7.1, 4.6, 3.7, 3.3], "np_series": [-0.5, 0.2, -0.6, 0.2, -0.8, -0.2], "roe_series": [-4.0, 1.4, -3.2, 0.9, -4.4, -1.4], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -0.3, "ocf_ttm": 0.4, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 1.2, "gm_median": 52.1, "gm_std": 4.8, "gm_stab": 0.91, "gm_chg_2022": -11.8, "npm_median": -5.1, "roe_median": -1.4, "commodity": false, "hard_ratio": 20.8, "fix_assets": 3.6, "goodwill_ratio": 4.2, "pb_calc": 1.96, "capex_dep": 0.51, "interest_debt": 0.0, "debt_ebitda": 0.2, "debt_ratio": 5.2, "debt_mv": 0.1, "payout": 33.3, "div_years": 2, "rev_cagr3": -22.7, "np_cagr3": null, "rev_yoy": -5.3, "np_yoy": -67.6, "np_vol": 296.9, "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", 45.0], ["体外诊断试剂", 33.0], ["诊断仪器", 5.0], ["仪器业务", 5.0]], "ret_prev_year": 42.2, "ret_prev2_year": -20.2, "ret_ytd": -15.6, "ret_pivot": 48.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.2, "ret_60": -11.2, "ret_120": -14.2, "ret_250": -35.2, "mdd_250": -42.9, "vol_250": 43.3, "pos_52w": 63.6}, "S": {"duration": 100, "pricing": 62, "hard": 33, "bondness": 32}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 5%,有息负债 0 亿,经营现金流/市值 1.2%: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 52.1%),硬资产占比 21%。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 0.5%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.1%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -11.8 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 21%,资本开支/折旧 0.51 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 -35%,最大回撤 -43%,年化波动 43%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 0% / -11% / -14%。", "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%。", "利德曼:PE ;股息率 ;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位低 1.1个百分点。"]}}