{"F": {"ts_code": "300878.SZ", "name": "维康药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "中药Ⅱ", "sw3": "中药Ⅲ", "ind": "中药Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20200824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.53, "pe_ttm": null, "pb": 5.466, "dv_ttm": null, "total_mv": 485481.8759, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.5, 67.7, 58.6, 50.5, 38.2, 31.1], "rev_series": [6.2, 6.3, 5.3, 5.2, 3.5, 2.3], "np_series": [1.4, 1.0, 0.4, -0.1, -1.5, -2.3], "roe_series": [14.3, 6.9, 3.2, -0.6, -11.6, -22.0], "period": "20260630", "rev_ttm": 2.4, "np_ttm": -1.9, "ocf_ttm": -0.0, "fcf_ttm": -0.6, "fcf_yield": -1.2, "ocf_yield": -0.0, "gm_median": 50.5, "gm_std": 13.3, "gm_stab": 0.74, "gm_chg_2022": -13.9, "npm_median": -1.4, "roe_median": -0.6, "commodity": false, "hard_ratio": 57.6, "fix_assets": 7.3, "goodwill_ratio": 0.0, "pb_calc": 5.47, "capex_dep": 0.97, "interest_debt": 2.3, "debt_ebitda": null, "debt_ratio": 28.9, "debt_mv": 4.8, "payout": null, "div_years": 3, "rev_cagr3": -24.9, "np_cagr3": null, "rev_yoy": 10.1, "np_yoy": 65.3, "np_vol": 593.8, "loss_years": 3, "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": [["产品", 50.0], ["中西成药", 33.0], ["合计特别调整", 16.0], ["其他业务", 1.0]], "ret_prev_year": 70.9, "ret_prev2_year": -40.2, "ret_ytd": 31.4, "ret_pivot": 146.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": 11.4, "ret_120": 13.7, "ret_250": 47.7, "mdd_250": -34.5, "vol_250": 71.9, "pos_52w": 85.0}, "S": {"duration": 100, "pricing": 55, "hard": 92, "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 -1.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 29%,有息负债 2 亿,经营现金流/市值 -0.0%: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 58%),没有定价权:毛利率近 5 年中位 50.5%,稳定度 74%。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 -1.2%(经营现金流/市值 -0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.5%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -13.9 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 58%,资本开支/折旧 0.97 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 48%,最大回撤 -34%,年化波动 72%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -4% / 11% / 14%。", "行业对照": ["同申万二级「中药Ⅱ」68 家中位:PE 23.1 / 股息率 2.8% / 毛利率 57.5% / 固定资产占比 23% / 分红率 64%。", "维康药业:PE ;股息率 ;毛利率 比行业中位低 7.0个百分点;固定资产占比 比行业中位高 34.2个百分点。"]}}