{"F": {"ts_code": "300723.SZ", "name": "一品红", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "创业板", "list_date": "20171116", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.59, "pe_ttm": 72.9151, "pb": 8.7112, "dv_ttm": null, "total_mv": 1607574.3193, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [82.4, 85.5, 86.8, 81.0, 61.3, 56.5], "rev_series": [16.8, 22.0, 22.8, 25.0, 14.5, 9.3], "np_series": [2.3, 3.1, 2.9, 1.8, -5.4, -3.4], "roe_series": [16.0, 18.3, 14.8, 8.1, -24.5, -20.8], "period": "20260630", "rev_ttm": 8.4, "np_ttm": 2.2, "ocf_ttm": 1.6, "fcf_ttm": 0.7, "fcf_yield": 0.4, "ocf_yield": 1.0, "gm_median": 81.0, "gm_std": 12.8, "gm_stab": 0.84, "gm_chg_2022": 4.5, "npm_median": 6.1, "roe_median": 8.1, "commodity": false, "hard_ratio": 38.3, "fix_assets": 17.2, "goodwill_ratio": 0.0, "pb_calc": 8.71, "capex_dep": 0.59, "interest_debt": 20.5, "debt_ebitda": null, "debt_ratio": 58.1, "debt_mv": 12.8, "payout": 50.0, "div_years": 3, "rev_cagr3": -25.8, "np_cagr3": null, "rev_yoy": -15.8, "np_yoy": 759.1, "np_vol": 162.5, "loss_years": 2, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["医药制造儿童类药", 19.0], ["儿童药", 19.0], ["慢病药", 9.0]], "ret_prev_year": 96.7, "ret_prev2_year": -42.4, "ret_ytd": 6.1, "ret_pivot": 175.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": 4.3, "ret_120": 10.4, "ret_250": -48.8, "mdd_250": -59.9, "vol_250": 65.3, "pos_52w": 48.3}, "S": {"duration": 84, "pricing": 81, "hard": 61, "bondness": 40}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 2.2 亿,近 5 年亏损 2 年;PE 73 倍(盈利极薄),估值指标失真。", "资产负债率 58%,有息负债 20 亿,经营现金流/市值 1.0%: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": "只占硬资产一条(占比 38%),没有定价权:毛利率近 5 年中位 81.0%,稳定度 84%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.4%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 81.0%,稳定度 84%,2020→2022 成本通胀期毛利率变化 4.5 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 38%,资本开支/折旧 0.59 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 72.9 倍 粗算,约 93%(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 -49%,最大回撤 -60%,年化波动 65%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -6% / 4% / 10%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "一品红:PE 比行业中位高 35.4倍;股息率 ;毛利率 比行业中位高 28.5个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}