{"F": {"ts_code": "600055.SH", "name": "万东医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "19970519", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.88, "pe_ttm": null, "pb": 1.7622, "dv_ttm": null, "total_mv": 764930.4768, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.4, 45.8, 44.1, 42.4, 36.6, 26.6], "rev_series": [11.3, 11.6, 11.2, 12.4, 15.2, 13.5], "np_series": [2.2, 1.8, 1.8, 1.9, 1.6, -2.3], "roe_series": [10.1, 7.8, 5.0, 4.0, 3.3, -4.9], "period": "20260630", "rev_ttm": 13.8, "np_ttm": -3.7, "ocf_ttm": -1.3, "fcf_ttm": -2.4, "fcf_yield": -3.1, "ocf_yield": -1.6, "gm_median": 42.4, "gm_std": 7.0, "gm_stab": 0.84, "gm_chg_2022": -6.3, "npm_median": 15.3, "roe_median": 4.0, "commodity": false, "hard_ratio": 5.8, "fix_assets": 3.0, "goodwill_ratio": 0.0, "pb_calc": 1.76, "capex_dep": 3.43, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 15.0, "debt_mv": 0.1, "payout": 53.6, "div_years": 4, "rev_cagr3": 6.3, "np_cagr3": null, "rev_yoy": 3.7, "np_yoy": -278.7, "np_vol": 95.3, "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", 34.0], ["医疗器械销售业务", 30.0], ["医疗器械", 30.0], ["其他业务", 2.0]], "ret_prev_year": 4.1, "ret_prev2_year": -11.0, "ret_ytd": -30.2, "ret_pivot": -9.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.5, "ret_60": -4.2, "ret_120": -27.1, "ret_250": -39.3, "mdd_250": -46.0, "vol_250": 30.0, "pos_52w": 58.2}, "S": {"duration": 100, "pricing": 54, "hard": 9, "bondness": 35}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.7 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 0 亿,经营现金流/市值 -1.6%: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 6%,毛利率近 5 年中位 42.4%。", "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 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.4%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -6.3 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 6%,资本开支/折旧 3.43 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 -39%,最大回撤 -46%,年化波动 30%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -6% / -4% / -27%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "万东医疗:PE ;股息率 ;毛利率 比行业中位低 13.0个百分点;固定资产占比 比行业中位低 16.1个百分点。"]}}