{"F": {"ts_code": "301126.SZ", "name": "达嘉维康", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "创业板", "list_date": "20211207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.33, "pe_ttm": null, "pb": 1.4131, "dv_ttm": 0.213, "total_mv": 212181.5056, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.5, 11.8, 12.0, 14.8, 19.9, 18.2], "rev_series": [23.4, 25.9, 32.9, 39.0, 52.3, 51.4], "np_series": [0.6, 0.7, 0.5, 0.3, 0.3, -2.4], "roe_series": [6.4, 5.0, 3.0, 2.0, 1.5, -14.9], "period": "20260630", "rev_ttm": 51.4, "np_ttm": -2.4, "ocf_ttm": 0.2, "fcf_ttm": -0.6, "fcf_yield": -2.8, "ocf_yield": 0.8, "gm_median": 14.8, "gm_std": 3.2, "gm_stab": 0.78, "gm_chg_2022": 0.5, "npm_median": 1.0, "roe_median": 2.0, "commodity": false, "hard_ratio": 11.4, "fix_assets": 7.2, "goodwill_ratio": 17.6, "pb_calc": 1.42, "capex_dep": 1.24, "interest_debt": 35.7, "debt_ebitda": 12.8, "debt_ratio": 74.4, "debt_mv": 168.4, "payout": 43.2, "div_years": 5, "rev_cagr3": 16.0, "np_cagr3": null, "rev_yoy": -0.2, "np_yoy": 712.1, "np_vol": 397.6, "loss_years": 1, "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", 25.0], ["药品", 24.0], ["零售", 15.0], ["药店零售", 15.0]], "ret_prev_year": 18.9, "ret_prev2_year": -19.8, "ret_ytd": -15.9, "ret_pivot": 18.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 8.2, "ret_120": -14.9, "ret_250": -17.9, "mdd_250": -44.3, "vol_250": 41.5, "pos_52w": 72.0}, "S": {"duration": 100, "pricing": 43, "hard": 18, "bondness": 35}, "label": "亏损或困境", "tags": ["商誉占比高"], "text": {"像什么": ["TTM 归母净利 -2.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 74%,有息负债 36 亿,经营现金流/市值 0.8%: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 11%,毛利率近 5 年中位 14.8%。", "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 -2.8%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.8%,稳定度 78%,2020→2022 成本通胀期毛利率变化 0.5 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 11%,资本开支/折旧 1.24 倍。没有资产可言。"], ["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 -18%,最大回撤 -44%,年化波动 42%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 8% / 8% / -15%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "达嘉维康:PE ;股息率 比行业中位低 2.6个百分点;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}