{"F": {"ts_code": "300966.SZ", "name": "共同药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "创业板", "list_date": "20210409", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.6, "pe_ttm": null, "pb": 3.8973, "dv_ttm": 0.1889, "total_mv": 272063.396, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.8, 26.4, 22.9, 22.1, 19.7, 13.8], "rev_series": [4.7, 5.9, 6.0, 5.7, 5.4, 6.1], "np_series": [0.5, 0.8, 0.4, 0.2, -0.3, -0.7], "roe_series": [10.5, 11.7, 4.6, 2.4, -2.9, -8.4], "period": "20260630", "rev_ttm": 6.5, "np_ttm": -1.0, "ocf_ttm": 0.7, "fcf_ttm": -0.2, "fcf_yield": -0.6, "ocf_yield": 2.5, "gm_median": 22.1, "gm_std": 4.2, "gm_stab": 0.81, "gm_chg_2022": 0.1, "npm_median": 3.8, "roe_median": 2.4, "commodity": false, "hard_ratio": 63.8, "fix_assets": 18.5, "goodwill_ratio": 0.0, "pb_calc": 3.42, "capex_dep": 0.66, "interest_debt": 13.2, "debt_ebitda": 17.2, "debt_ratio": 70.0, "debt_mv": 48.6, "payout": 8.0, "div_years": 3, "rev_cagr3": 0.1, "np_cagr3": null, "rev_yoy": 14.5, "np_yoy": -194.5, "np_vol": 95.1, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 118.0, "fwd_pe2": 59.0, "fwd_g1": null, "fwd_g2": 100.0, "peg": 1.18, "consensus_disp": null, "mainbz": [["产品", 33.0], ["自产产品", 31.0], ["自产", 31.0], ["非自产产品", 2.0]], "ret_prev_year": 22.1, "ret_prev2_year": -29.8, "ret_ytd": 20.1, "ret_pivot": 70.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.1, "ret_60": -8.2, "ret_120": 11.4, "ret_250": 1.4, "mdd_250": -31.4, "vol_250": 43.1, "pos_52w": 76.1}, "S": {"duration": 100, "pricing": 47, "hard": 100, "bondness": 39}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 70%,有息负债 13 亿,经营现金流/市值 2.5%: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 64%),没有定价权:毛利率近 5 年中位 22.1%,稳定度 81%。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 -0.6%(经营现金流/市值 2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.1%,稳定度 81%,2020→2022 成本通胀期毛利率变化 0.1 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 64%,资本开支/折旧 0.66 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 1%,最大回撤 -31%,年化波动 43%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -12% / -8% / 11%。", "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%。", "共同药业:PE ;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 30.4个百分点;固定资产占比 比行业中位高 34.0个百分点。"]}}