{"F": {"ts_code": "301201.SZ", "name": "诚达药业", "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": "20220120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.36, "pe_ttm": null, "pb": 2.6091, "dv_ttm": 0.5537, "total_mv": 547067.9968, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.1, 50.0, 48.0, 42.9, 42.8, 44.2], "rev_series": [3.7, 4.2, 4.1, 4.1, 3.3, 4.1], "np_series": [1.2, 1.0, 1.1, 0.9, -0.3, -0.1], "roe_series": [29.8, 20.3, 7.8, 4.1, -1.3, -0.6], "period": "20260630", "rev_ttm": 4.8, "np_ttm": -0.2, "ocf_ttm": 0.5, "fcf_ttm": 0.1, "fcf_yield": 0.1, "ocf_yield": 1.0, "gm_median": 44.2, "gm_std": 2.9, "gm_stab": 0.93, "gm_chg_2022": -2.1, "npm_median": 22.0, "roe_median": 4.1, "commodity": false, "hard_ratio": 34.4, "fix_assets": 8.1, "goodwill_ratio": 0.0, "pb_calc": 2.61, "capex_dep": 0.64, "interest_debt": 0.5, "debt_ebitda": 0.7, "debt_ratio": 10.7, "debt_mv": 0.9, "payout": 34.0, "div_years": 5, "rev_cagr3": -0.4, "np_cagr3": null, "rev_yoy": 40.0, "np_yoy": -82.1, "np_vol": 61.7, "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", 33.0], ["定制类产品和服务收入", 17.0], ["产品定制与服务", 17.0], ["自主销售类产品收入", 16.0]], "ret_prev_year": 104.8, "ret_prev2_year": -20.3, "ret_ytd": -12.7, "ret_pivot": 113.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.1, "ret_60": 7.3, "ret_120": -16.1, "ret_250": 10.5, "mdd_250": -56.7, "vol_250": 74.4, "pos_52w": 56.5}, "S": {"duration": 100, "pricing": 61, "hard": 55, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 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 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": "硬资产占比 34%、毛利率 44.2% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.1%(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 44.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -2.1 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 34%,资本开支/折旧 0.64 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 10%,最大回撤 -57%,年化波动 74%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 0% / 7% / -16%。", "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%。", "诚达药业:PE ;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位高 15.5个百分点。"]}}