{"F": {"ts_code": "300753.SZ", "name": "爱朋医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20181213", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.84, "pe_ttm": null, "pb": 4.1865, "dv_ttm": null, "total_mv": 275288.832, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.4, 63.9, 49.4, 65.5, 68.4, 68.4], "rev_series": [4.4, 4.6, 3.2, 4.2, 4.0, 3.4], "np_series": [1.0, 0.5, -0.8, 0.1, 0.1, -0.2], "roe_series": [13.7, 7.1, -10.4, 1.2, 1.5, -3.5], "period": "20260630", "rev_ttm": 3.3, "np_ttm": -0.1, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 1.1, "ocf_yield": 1.4, "gm_median": 65.5, "gm_std": 7.1, "gm_stab": 0.89, "gm_chg_2022": -8.0, "npm_median": 2.0, "roe_median": 1.2, "commodity": false, "hard_ratio": 20.4, "fix_assets": 1.6, "goodwill_ratio": 8.7, "pb_calc": 4.19, "capex_dep": 0.63, "interest_debt": 0.8, "debt_ebitda": 6.9, "debt_ratio": 15.9, "debt_mv": 3.0, "payout": 87.4, "div_years": 2, "rev_cagr3": 1.8, "np_cagr3": null, "rev_yoy": -6.5, "np_yoy": 49.0, "np_vol": 163.6, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 156.0, "fwd_pe2": 136.5, "fwd_g1": null, "fwd_g2": 14.0, "peg": 11.14, "consensus_disp": null, "mainbz": [["产品", 33.0], ["疼痛管理类产品", 23.0], ["疼痛管理产品", 23.0], ["鼻腔护理类产品", 9.0]], "ret_prev_year": 58.0, "ret_prev2_year": 3.1, "ret_ytd": -21.3, "ret_pivot": 98.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.2, "ret_60": 8.5, "ret_120": -37.3, "ret_250": -39.8, "mdd_250": -58.0, "vol_250": 69.1, "pos_52w": 50.6}, "S": {"duration": 100, "pricing": 68, "hard": 33, "bondness": 64}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 16%,有息负债 1 亿,经营现金流/市值 1.4%: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 65.5%),硬资产占比 20%。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 1.1%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 65.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -8.0 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 20%,资本开支/折旧 0.63 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 -40%,最大回撤 -58%,年化波动 69%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -7% / 8% / -37%。", "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%。", "爱朋医疗:PE ;股息率 ;毛利率 比行业中位高 10.1个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}