{"F": {"ts_code": "300463.SZ", "name": "迈克生物", "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": "20150528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.24, "pe_ttm": null, "pb": 0.8856, "dv_ttm": null, "total_mv": 558711.9384, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.1, 57.9, 54.2, 55.3, 55.1, 59.0], "rev_series": [37.0, 39.8, 36.1, 29.0, 25.5, 21.7], "np_series": [7.9, 9.6, 7.1, 3.1, 1.3, -0.4], "roe_series": [22.9, 23.6, 13.4, 4.9, 2.0, -0.6], "period": "20260630", "rev_ttm": 21.3, "np_ttm": -0.4, "ocf_ttm": 7.0, "fcf_ttm": 0.8, "fcf_yield": 1.3, "ocf_yield": 12.5, "gm_median": 55.3, "gm_std": 1.8, "gm_stab": 0.97, "gm_chg_2022": 1.1, "npm_median": 10.5, "roe_median": 4.9, "commodity": false, "hard_ratio": 47.6, "fix_assets": 37.2, "goodwill_ratio": 0.7, "pb_calc": 0.89, "capex_dep": 1.74, "interest_debt": 9.4, "debt_ebitda": 2.5, "debt_ratio": 19.0, "debt_mv": 16.8, "payout": 39.9, "div_years": 4, "rev_cagr3": -15.6, "np_cagr3": null, "rev_yoy": -3.8, "np_yoy": 0.6, "np_vol": 48.6, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 73.9, "fwd_pe2": 37.0, "fwd_g1": null, "fwd_g2": 100.0, "peg": 0.74, "consensus_disp": null, "mainbz": [["自产产品", 46.0], ["自主产品", 46.0], ["代理产品", 9.0], ["其他业务", 0.0]], "ret_prev_year": -14.6, "ret_prev2_year": -11.6, "ret_ytd": -17.4, "ret_pivot": -17.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": 8.1, "ret_120": -19.4, "ret_250": -28.5, "mdd_250": -42.9, "vol_250": 32.2, "pos_52w": 65.1}, "S": {"duration": 100, "pricing": 70, "hard": 76, "bondness": 41}, "label": "亏损或困境", "tags": ["PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 19%,有息负债 9 亿,经营现金流/市值 12.5%: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 48%、毛利率 55.3% 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 1.3%(经营现金流/市值 12.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.3%,稳定度 97%,2020→2022 成本通胀期毛利率变化 1.1 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 48%,资本开支/折旧 1.74 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 -28%,最大回撤 -43%,年化波动 32%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -1% / 8% / -19%。", "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%。", "迈克生物:PE ;股息率 ;毛利率 比行业中位低 0.1个百分点;固定资产占比 比行业中位高 25.7个百分点。"]}}