{"F": {"ts_code": "300683.SZ", "name": "海特生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20170808", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.87, "pe_ttm": null, "pb": 1.5634, "dv_ttm": null, "total_mv": 325534.3728, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.2, 56.9, 48.5, 42.7, 42.8, 42.6], "rev_series": [5.2, 6.1, 6.9, 6.0, 6.5, 5.4], "np_series": [-0.3, 0.3, -0.1, -1.2, -0.7, -2.3], "roe_series": [-1.4, 1.4, -0.6, -5.0, -2.8, -10.2], "period": "20260630", "rev_ttm": 4.9, "np_ttm": -2.7, "ocf_ttm": -0.2, "fcf_ttm": -0.6, "fcf_yield": -1.9, "ocf_yield": -0.7, "gm_median": 42.8, "gm_std": 5.6, "gm_stab": 0.87, "gm_chg_2022": -10.7, "npm_median": -11.4, "roe_median": -2.8, "commodity": false, "hard_ratio": 25.6, "fix_assets": 6.3, "goodwill_ratio": 7.2, "pb_calc": 1.56, "capex_dep": 0.59, "interest_debt": 0.5, "debt_ebitda": null, "debt_ratio": 15.4, "debt_mv": 1.7, "payout": null, "div_years": 1, "rev_cagr3": -7.7, "np_cagr3": null, "rev_yoy": -18.0, "np_yoy": -100.9, "np_vol": 329.7, "loss_years": 4, "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": [["技术服务收入", 22.0], ["技术服务", 22.0], ["注射用埃普奈明", 14.0], ["注射用鼠神经生长因子冻干粉针剂(金路捷)", 10.0]], "ret_prev_year": 17.0, "ret_prev2_year": -34.1, "ret_ytd": -10.3, "ret_pivot": 22.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.5, "ret_60": 2.4, "ret_120": -27.8, "ret_250": -58.1, "mdd_250": -57.6, "vol_250": 61.7, "pos_52w": 45.2}, "S": {"duration": 100, "pricing": 56, "hard": 41, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.7 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 0 亿,经营现金流/市值 -0.7%: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 42.8%),硬资产占比 26%。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 -1.9%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.8%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -10.7 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 26%,资本开支/折旧 0.59 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 -58%,最大回撤 -58%,年化波动 62%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -16% / 2% / -28%。", "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%。", "海特生物:PE ;股息率 ;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位高 6.7个百分点。"]}}