{"F": {"ts_code": "301096.SZ", "name": "百诚医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20211220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.47, "pe_ttm": null, "pb": 1.9051, "dv_ttm": null, "total_mv": 474815.4201, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.8, 67.3, 67.4, 65.5, 52.0, 39.5], "rev_series": [2.1, 3.7, 6.1, 10.2, 8.0, 6.8], "np_series": [0.6, 1.1, 1.9, 2.7, -0.5, -0.9], "roe_series": [18.6, 8.4, 8.1, 10.5, -2.0, -3.6], "period": "20260630", "rev_ttm": 6.5, "np_ttm": -0.9, "ocf_ttm": -0.5, "fcf_ttm": -1.5, "fcf_yield": -3.1, "ocf_yield": -1.0, "gm_median": 65.5, "gm_std": 11.0, "gm_stab": 0.83, "gm_chg_2022": 1.6, "npm_median": 26.7, "roe_median": 8.1, "commodity": false, "hard_ratio": 45.6, "fix_assets": 17.1, "goodwill_ratio": 0.0, "pb_calc": 1.91, "capex_dep": 0.65, "interest_debt": 9.7, "debt_ebitda": 9.7, "debt_ratio": 33.5, "debt_mv": 20.5, "payout": 12.0, "div_years": 3, "rev_cagr3": 3.7, "np_cagr3": null, "rev_yoy": -8.4, "np_yoy": -48.4, "np_vol": 83.9, "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", 38.0], ["自主研发技术成果转化", 18.0], ["研发技术成果转化", 18.0], ["商业化生产", 8.0]], "ret_prev_year": 50.6, "ret_prev2_year": -41.5, "ret_ytd": -23.9, "ret_pivot": 27.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": -20.8, "ret_120": -16.9, "ret_250": -22.3, "mdd_250": -47.9, "vol_250": 52.9, "pos_52w": 63.0}, "S": {"duration": 100, "pricing": 70, "hard": 73, "bondness": 36}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 10 亿,经营现金流/市值 -1.0%: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 46%),没有定价权:毛利率近 5 年中位 65.5%,稳定度 83%。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 -3.1%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 65.5%,稳定度 83%,2020→2022 成本通胀期毛利率变化 1.6 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 46%,资本开支/折旧 0.65 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 -22%,最大回撤 -48%,年化波动 53%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -3% / -21% / -17%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "百诚医药:PE ;股息率 ;毛利率 比行业中位高 24.2个百分点;固定资产占比 比行业中位高 26.7个百分点。"]}}