{"F": {"ts_code": "600594.SH", "name": "益佰制药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "中药Ⅱ", "sw3": "中药Ⅲ", "ind": "中药Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20040323", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.73, "pe_ttm": null, "pb": 1.3883, "dv_ttm": null, "total_mv": 292578.9247, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [79.3, 78.8, 71.0, 69.5, 61.8, 59.7], "rev_series": [34.1, 33.5, 27.4, 28.2, 21.7, 18.6], "np_series": [2.3, 2.4, -4.4, 1.0, -3.2, -3.3], "roe_series": [6.6, 7.5, -14.1, 3.6, -11.8, -14.1], "period": "20260630", "rev_ttm": 15.6, "np_ttm": -3.9, "ocf_ttm": 1.5, "fcf_ttm": 1.2, "fcf_yield": 3.9, "ocf_yield": 5.1, "gm_median": 69.5, "gm_std": 6.8, "gm_stab": 0.9, "gm_chg_2022": -8.3, "npm_median": -15.4, "roe_median": -11.8, "commodity": false, "hard_ratio": 42.5, "fix_assets": 13.9, "goodwill_ratio": 0.0, "pb_calc": 1.39, "capex_dep": 0.25, "interest_debt": 6.9, "debt_ebitda": 177.8, "debt_ratio": 32.9, "debt_mv": 23.5, "payout": 50.4, "div_years": 1, "rev_cagr3": -12.0, "np_cagr3": null, "rev_yoy": -30.6, "np_yoy": -303.7, "np_vol": 198.6, "loss_years": 3, "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", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 11.8, "ret_prev2_year": -36.7, "ret_ytd": -6.3, "ret_pivot": 19.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.5, "ret_60": 14.8, "ret_120": -6.5, "ret_250": -20.1, "mdd_250": -41.7, "vol_250": 45.9, "pos_52w": 73.7}, "S": {"duration": 100, "pricing": 70, "hard": 68, "bondness": 53}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 33%,有息负债 7 亿,经营现金流/市值 5.1%: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 42%、毛利率 69.5% 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 3.9%(经营现金流/市值 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 69.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -8.3 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 42%,资本开支/折旧 0.25 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 -20%,最大回撤 -42%,年化波动 46%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -0% / 15% / -6%。", "行业对照": ["同申万二级「中药Ⅱ」68 家中位:PE 23.1 / 股息率 2.8% / 毛利率 57.5% / 固定资产占比 23% / 分红率 64%。", "益佰制药:PE ;股息率 ;毛利率 比行业中位高 12.0个百分点;固定资产占比 比行业中位高 19.1个百分点。"]}}