{"F": {"ts_code": "301089.SZ", "name": "拓新药业", "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": "20211027", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.84, "pe_ttm": null, "pb": 1.9819, "dv_ttm": null, "total_mv": 289027.638, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.6, 37.9, 60.1, 57.9, 29.9, 26.4], "rev_series": [5.3, 5.0, 7.8, 8.4, 4.2, 3.8], "np_series": [1.1, 0.7, 2.9, 2.4, -0.2, -0.7], "roe_series": [25.8, 8.3, 23.2, 16.3, -1.3, -4.6], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -0.8, "ocf_ttm": -0.1, "fcf_ttm": -0.7, "fcf_yield": -2.3, "ocf_yield": -0.3, "gm_median": 37.9, "gm_std": 14.1, "gm_stab": 0.63, "gm_chg_2022": 17.5, "npm_median": 13.1, "roe_median": 8.3, "commodity": false, "hard_ratio": 50.9, "fix_assets": 8.3, "goodwill_ratio": 0.0, "pb_calc": 1.98, "capex_dep": 0.78, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 10.7, "debt_mv": 0.1, "payout": 13.0, "div_years": 3, "rev_cagr3": -21.6, "np_cagr3": null, "rev_yoy": 16.2, "np_yoy": -53.0, "np_vol": 193.9, "loss_years": 2, "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", 39.0], ["医药中间体", 16.0], ["中间体", 16.0], ["原料药", 11.0]], "ret_prev_year": -0.7, "ret_prev2_year": -47.6, "ret_ytd": -18.4, "ret_pivot": -13.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.4, "ret_60": 6.3, "ret_120": -19.3, "ret_250": -35.3, "mdd_250": -42.2, "vol_250": 40.7, "pos_52w": 66.0}, "S": {"duration": 100, "pricing": 52, "hard": 81, "bondness": 28}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 11%,有息负债 0 亿,经营现金流/市值 -0.3%: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": "只占硬资产一条(占比 51%),没有定价权:毛利率近 5 年中位 37.9%,稳定度 63%。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 -2.3%(经营现金流/市值 -0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.9%,稳定度 63%,2020→2022 成本通胀期毛利率变化 17.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 51%,资本开支/折旧 0.78 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 -35%,最大回撤 -42%,年化波动 41%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -6% / 6% / -19%。", "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%。", "拓新药业:PE ;股息率 ;毛利率 比行业中位低 14.6个百分点;固定资产占比 比行业中位高 21.1个百分点。"]}}