{"F": {"ts_code": "300294.SZ", "name": "博雅生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "血液制品", "ind": "生物制品", "fin_source": "tushare", "market": "创业板", "list_date": "20120308", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.47, "pe_ttm": null, "pb": 0.9805, "dv_ttm": 1.5411, "total_mv": 729647.8689, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.1, 57.0, 54.7, 52.8, 64.7, 49.9], "rev_series": [25.1, 26.5, 27.6, 26.5, 17.3, 20.6], "np_series": [2.6, 3.4, 4.3, 2.4, 4.0, 1.1], "roe_series": [6.5, 6.3, 6.2, 3.3, 5.4, 1.5], "period": "20260630", "rev_ttm": 16.9, "np_ttm": -0.6, "ocf_ttm": -0.8, "fcf_ttm": -6.2, "fcf_yield": -8.5, "ocf_yield": -1.1, "gm_median": 54.7, "gm_std": 5.0, "gm_stab": 0.91, "gm_chg_2022": -3.4, "npm_median": 13.5, "roe_median": 5.4, "commodity": false, "hard_ratio": 18.6, "fix_assets": 15.4, "goodwill_ratio": 7.5, "pb_calc": 0.98, "capex_dep": 6.12, "interest_debt": 0.7, "debt_ebitda": 0.3, "debt_ratio": 10.1, "debt_mv": 1.0, "payout": 63.8, "div_years": 5, "rev_cagr3": -9.3, "np_cagr3": -36.1, "rev_yoy": -36.1, "np_yoy": -77.3, "np_vol": 51.7, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 9, "fwd_pe": 23.8, "fwd_pe2": 20.7, "fwd_g1": null, "fwd_g2": 15.0, "peg": 1.59, "consensus_disp": null, "mainbz": [["人血白蛋白", 23.0], ["其他业务", 16.0], ["合计特别调整", 16.0], ["纤维蛋白原", 14.0]], "ret_prev_year": -24.7, "ret_prev2_year": -9.0, "ret_ytd": -35.8, "ret_pivot": -51.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.2, "ret_60": -13.8, "ret_120": -30.4, "ret_250": -46.6, "mdd_250": -47.7, "vol_250": 26.7, "pos_52w": 53.3}, "S": {"duration": 100, "pricing": 64, "hard": 30, "bondness": 52}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 10%,有息负债 1 亿,经营现金流/市值 -1.1%: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 54.7%),硬资产占比 19%。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 -8.5%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -3.4 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 19%,资本开支/折旧 6.12 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 -47%,最大回撤 -48%,年化波动 27%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -7% / -14% / -30%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "博雅生物:PE ;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 21.0个百分点;固定资产占比 比行业中位低 3.5个百分点。"]}}