{"F": {"ts_code": "300676.SZ", "name": "华大基因", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "诊断服务", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20170714", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.86, "pe_ttm": null, "pb": 1.8104, "dv_ttm": null, "total_mv": 1541916.8306, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.1, 58.1, 52.4, 49.9, 41.5, 37.6], "rev_series": [84.0, 67.7, 70.5, 43.5, 38.7, 37.1], "np_series": [20.9, 14.6, 8.0, 0.9, -9.0, -6.2], "roe_series": [40.9, 19.2, 8.3, 0.9, -9.5, -7.0], "period": "20260630", "rev_ttm": 38.6, "np_ttm": -5.8, "ocf_ttm": 0.7, "fcf_ttm": -4.2, "fcf_yield": -2.7, "ocf_yield": 0.5, "gm_median": 49.9, "gm_std": 7.4, "gm_stab": 0.85, "gm_chg_2022": -7.7, "npm_median": 2.2, "roe_median": 0.9, "commodity": false, "hard_ratio": 23.6, "fix_assets": 26.5, "goodwill_ratio": 0.3, "pb_calc": 1.81, "capex_dep": 1.22, "interest_debt": 5.3, "debt_ebitda": 2.9, "debt_ratio": 23.1, "debt_mv": 3.5, "payout": 44.1, "div_years": 3, "rev_cagr3": -19.3, "np_cagr3": null, "rev_yoy": 9.6, "np_yoy": 718.2, "np_vol": 417.3, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 136.5, "fwd_pe2": 108.4, "fwd_g1": null, "fwd_g2": 26.0, "peg": 5.25, "consensus_disp": null, "mainbz": [["精准医学检测综合解决方案", 48.0], ["生育健康基础研究和临床应用服务", 18.0], ["多组学大数据服务与合成业务", 17.0], ["肿瘤防控及转化医学类服务", 7.0]], "ret_prev_year": 8.1, "ret_prev2_year": -12.4, "ret_ytd": -18.7, "ret_pivot": 7.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.8, "ret_60": 12.1, "ret_120": -16.6, "ret_250": -33.1, "mdd_250": -44.5, "vol_250": 40.6, "pos_52w": 62.2}, "S": {"duration": 100, "pricing": 58, "hard": 38, "bondness": 44}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -5.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 23%,有息负债 5 亿,经营现金流/市值 0.5%: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": "只占定价权一条(毛利率 49.9%),硬资产占比 24%。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 -2.7%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.9%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -7.7 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 24%,资本开支/折旧 1.22 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 -33%,最大回撤 -44%,年化波动 41%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -8% / 12% / -17%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "华大基因:PE ;股息率 ;毛利率 比行业中位高 8.6个百分点;固定资产占比 比行业中位高 4.7个百分点。"]}}