{"F": {"ts_code": "301239.SZ", "name": "普瑞眼科", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医院", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20220705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.78, "pe_ttm": 403.7265, "pb": 2.3728, "dv_ttm": null, "total_mv": 505412.982, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.2, 43.4, 41.7, 44.0, 37.0, 35.9], "rev_series": [13.6, 17.1, 17.3, 27.2, 26.8, 28.0], "np_series": [1.1, 0.9, 0.2, 2.7, -1.0, -0.6], "roe_series": [13.6, 10.4, 1.4, 12.3, -4.6, -2.9], "period": "20260630", "rev_ttm": 29.4, "np_ttm": 0.1, "ocf_ttm": 6.3, "fcf_ttm": 3.7, "fcf_yield": 7.4, "ocf_yield": 12.5, "gm_median": 41.7, "gm_std": 3.3, "gm_stab": 0.92, "gm_chg_2022": -1.5, "npm_median": 1.2, "roe_median": 1.4, "commodity": false, "hard_ratio": 27.4, "fix_assets": 13.1, "goodwill_ratio": 11.9, "pb_calc": 2.37, "capex_dep": 1.75, "interest_debt": 20.3, "debt_ebitda": 3.2, "debt_ratio": 54.6, "debt_mv": 40.2, "payout": 22.3, "div_years": 2, "rev_cagr3": 17.5, "np_cagr3": null, "rev_yoy": 9.8, "np_yoy": 500.7, "np_vol": 503.6, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 2, "fwd_pe": 35.7, "fwd_pe2": 20.0, "fwd_g1": 1029.0, "fwd_g2": 78.0, "peg": 0.46, "consensus_disp": null, "mainbz": [["产品", 49.0], ["屈光项目", 25.0], ["白内障项目", 9.0], ["综合眼病项目", 8.0]], "ret_prev_year": -29.9, "ret_prev2_year": -45.2, "ret_ytd": 2.7, "ret_pivot": 16.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": 5.8, "ret_120": -4.5, "ret_250": -24.3, "mdd_250": -37.9, "vol_250": 40.6, "pos_52w": 72.1}, "S": {"duration": 100, "pricing": 59, "hard": 44, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 0.1 亿,近 5 年亏损 2 年;PE 404 倍(盈利极薄),估值指标失真。", "资产负债率 55%,有息负债 20 亿,经营现金流/市值 12.5%: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": "只占定价权一条(毛利率 41.7%),硬资产占比 27%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 7.4%(经营现金流/市值 12.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.7%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -1.5 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 27%,资本开支/折旧 1.75 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 403.7 倍 粗算,约 99%(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 -24%,最大回撤 -38%,年化波动 41%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 1% / 6% / -4%。", "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%。", "普瑞眼科:PE 比行业中位高 330.6倍;股息率 ;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}