{"F": {"ts_code": "300396.SZ", "name": "ST迪瑞", "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": "20140910", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.16, "pe_ttm": null, "pb": 1.2625, "dv_ttm": null, "total_mv": 195253.3432, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.7, 52.3, 52.0, 51.0, 51.7, 40.6], "rev_series": [9.4, 9.1, 12.2, 11.1, 9.8, 8.1], "np_series": [2.7, 2.1, 2.6, 1.6, 0.7, -2.5], "roe_series": [16.8, 11.9, 13.8, 8.3, 3.4, -14.5], "period": "20260630", "rev_ttm": 8.6, "np_ttm": -2.1, "ocf_ttm": -0.7, "fcf_ttm": -0.9, "fcf_yield": -4.6, "ocf_yield": -3.4, "gm_median": 51.7, "gm_std": 4.5, "gm_stab": 0.91, "gm_chg_2022": -3.7, "npm_median": 14.3, "roe_median": 8.3, "commodity": false, "hard_ratio": 7.1, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 1.26, "capex_dep": 0.81, "interest_debt": 4.7, "debt_ebitda": null, "debt_ratio": 39.7, "debt_mv": 24.1, "payout": 96.5, "div_years": 4, "rev_cagr3": -12.9, "np_cagr3": null, "rev_yoy": 16.5, "np_yoy": 126.8, "np_vol": 183.6, "loss_years": 1, "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": [["试剂", 61.0], ["仪器", 38.0], ["其他业务", 0.0]], "ret_prev_year": -19.8, "ret_prev2_year": -44.0, "ret_ytd": -44.5, "ret_pivot": -44.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": 5.9, "ret_120": -43.2, "ret_250": -52.7, "mdd_250": -60.1, "vol_250": 36.5, "pos_52w": 47.7}, "S": {"duration": 100, "pricing": 62, "hard": 11, "bondness": 57}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -2.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 40%,有息负债 5 亿,经营现金流/市值 -3.4%: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 51.7%),硬资产占比 7%。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 -4.6%(经营现金流/市值 -3.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -3.7 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 7%,资本开支/折旧 0.81 倍。没有资产可言。"], ["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 -53%,最大回撤 -60%,年化波动 36%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -1% / 6% / -43%。", "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%。", "ST迪瑞:PE ;股息率 ;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位低 14.8个百分点。"]}}