{"F": {"ts_code": "300942.SZ", "name": "易瑞生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20210209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.53, "pe_ttm": null, "pb": 3.2553, "dv_ttm": 0.3779, "total_mv": 264515.8687, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [75.4, 71.6, 56.5, 49.9, 70.6, 64.0], "rev_series": [2.6, 6.0, 6.9, 2.5, 2.2, 2.6], "np_series": [0.7, 2.4, 0.8, -1.8, 0.2, 0.1], "roe_series": [12.1, 31.7, 8.7, -20.4, 2.0, 1.6], "period": "20260630", "rev_ttm": 2.8, "np_ttm": -0.1, "ocf_ttm": 0.6, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 2.3, "gm_median": 64.0, "gm_std": 8.3, "gm_stab": 0.87, "gm_chg_2022": -18.9, "npm_median": 7.4, "roe_median": 2.0, "commodity": false, "hard_ratio": 38.4, "fix_assets": 5.7, "goodwill_ratio": 0.0, "pb_calc": 3.03, "capex_dep": 1.79, "interest_debt": 4.6, "debt_ebitda": 9.3, "debt_ratio": 40.5, "debt_mv": 17.5, "payout": 62.9, "div_years": 4, "rev_cagr3": -27.4, "np_cagr3": -45.1, "rev_yoy": 17.5, "np_yoy": -943.2, "np_vol": 194.3, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 54.4, "fwd_pe2": 38.4, "fwd_g1": null, "fwd_g2": 42.0, "peg": 1.3, "consensus_disp": null, "mainbz": [["产品", 33.0], ["食安试剂产品", 29.0], ["食品安全快速检测试剂", 22.0], ["合计特别调整", 5.0]], "ret_prev_year": 10.1, "ret_prev2_year": -26.8, "ret_ytd": -30.4, "ret_pivot": 2.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.4, "ret_60": 5.5, "ret_120": -31.3, "ret_250": -49.9, "mdd_250": -58.6, "vol_250": 40.5, "pos_52w": 47.3}, "S": {"duration": 100, "pricing": 66, "hard": 61, "bondness": 59}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 40%,有息负债 5 亿,经营现金流/市值 2.3%: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": "硬资产占比 38%、毛利率 64.0% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.0%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.0%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -18.9 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 38%,资本开支/折旧 1.79 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 -50%,最大回撤 -59%,年化波动 40%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -2% / 6% / -31%。", "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%。", "易瑞生物:PE ;股息率 比行业中位低 0.7个百分点;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 16.5个百分点。"]}}