{"F": {"ts_code": "300981.SZ", "name": "中红医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "创业板", "list_date": "20210427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.5, "pe_ttm": 174.6563, "pb": 1.3459, "dv_ttm": 2.1141, "total_mv": 707627.25, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [70.8, 61.7, 9.7, 12.1, 13.4, 11.1], "rev_series": [47.8, 49.1, 15.7, 21.1, 24.6, 23.7], "np_series": [26.6, 23.4, 0.7, -1.3, -0.9, -1.1], "roe_series": [176.2, 51.4, 1.1, -2.2, -1.6, -2.1], "period": "20260630", "rev_ttm": 26.1, "np_ttm": 0.4, "ocf_ttm": 2.5, "fcf_ttm": 0.5, "fcf_yield": 0.7, "ocf_yield": 3.5, "gm_median": 12.1, "gm_std": 20.1, "gm_stab": -0.66, "gm_chg_2022": -61.1, "npm_median": -3.5, "roe_median": -1.6, "commodity": false, "hard_ratio": 23.1, "fix_assets": 17.7, "goodwill_ratio": 1.2, "pb_calc": 1.35, "capex_dep": 1.0, "interest_debt": 15.8, "debt_ebitda": 4.7, "debt_ratio": 29.5, "debt_mv": 22.4, "payout": null, "div_years": 5, "rev_cagr3": 14.7, "np_cagr3": null, "rev_yoy": 19.5, "np_yoy": 2662.4, "np_vol": 115.6, "loss_years": 3, "far_share": 97.0, "earn_yield": 0.6, "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], ["健康防护产品", 46.0], ["安全注输产品", 2.0], ["创新孵化产品", 2.0]], "ret_prev_year": 9.9, "ret_prev2_year": -17.9, "ret_ytd": 35.1, "ret_pivot": 105.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": 50.8, "ret_120": 7.0, "ret_250": 3.5, "mdd_250": -42.1, "vol_250": 56.2, "pos_52w": 97.8}, "S": {"duration": 99, "pricing": 10, "hard": 37, "bondness": 32}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.4 亿,近 5 年亏损 3 年;PE 175 倍(盈利极薄),估值指标失真。", "资产负债率 30%,有息负债 16 亿,经营现金流/市值 3.5%: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": "两条都不占:固定资产占比 23%,毛利率近 5 年中位 12.1%。", "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 0.7%(经营现金流/市值 3.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.1%,稳定度 -66%,2020→2022 成本通胀期毛利率变化 -61.1 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 23%,资本开支/折旧 1.00 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 174.7 倍 粗算,约 97%(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 4%,最大回撤 -42%,年化波动 56%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 3% / 51% / 7%。", "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%。", "中红医疗:PE 比行业中位高 136.1倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 43.3个百分点;固定资产占比 比行业中位高 1.2个百分点。"]}}