{"F": {"ts_code": "600513.SH", "name": "联环药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20030319", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.57, "pe_ttm": null, "pb": 3.5208, "dv_ttm": 0.4496, "total_mv": 444455.4591, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.8, 54.6, 53.3, 48.1, 49.4, 34.8], "rev_series": [13.9, 16.5, 19.6, 21.7, 21.6, 27.1], "np_series": [1.0, 1.2, 1.4, 1.4, 0.8, -1.0], "roe_series": [10.0, 10.7, 11.7, 10.3, 6.1, -7.4], "period": "20260630", "rev_ttm": 30.0, "np_ttm": -0.5, "ocf_ttm": 0.6, "fcf_ttm": -1.9, "fcf_yield": -4.3, "ocf_yield": 1.3, "gm_median": 49.4, "gm_std": 7.1, "gm_stab": 0.86, "gm_chg_2022": -0.5, "npm_median": 7.0, "roe_median": 10.3, "commodity": false, "hard_ratio": 36.4, "fix_assets": 15.4, "goodwill_ratio": 1.5, "pb_calc": 3.52, "capex_dep": 2.69, "interest_debt": 17.1, "debt_ebitda": 13.6, "debt_ratio": 60.6, "debt_mv": 38.5, "payout": 31.3, "div_years": 5, "rev_cagr3": 11.5, "np_cagr3": null, "rev_yoy": 22.2, "np_yoy": 126.3, "np_vol": 88.3, "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", 49.0], ["药品", 36.0], ["医疗器械", 11.0], ["其他主营业务", 2.0]], "ret_prev_year": 87.1, "ret_prev2_year": -10.0, "ret_ytd": -14.6, "ret_pivot": 95.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.8, "ret_60": -0.8, "ret_120": -27.4, "ret_250": -38.3, "mdd_250": -54.1, "vol_250": 59.6, "pos_52w": 50.7}, "S": {"duration": 100, "pricing": 62, "hard": 58, "bondness": 37}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 61%,有息负债 17 亿,经营现金流/市值 1.3%: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 36%、毛利率 49.4% 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 -4.3%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.4%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -0.5 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 36%,资本开支/折旧 2.69 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 -38%,最大回撤 -54%,年化波动 60%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -14% / -1% / -27%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "联环药业:PE ;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 3.1个百分点;固定资产占比 比行业中位高 6.6个百分点。"]}}