{"F": {"ts_code": "600624.SH", "name": "ST复华", "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": "19930105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.72, "pe_ttm": null, "pb": 7.8874, "dv_ttm": null, "total_mv": 320651.7368, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.8, 45.6, 41.5, 43.3, 35.5, 32.8], "rev_series": [9.4, 10.4, 7.9, 6.8, 6.5, 6.4], "np_series": [-0.6, -1.1, -0.1, -0.2, -1.3, -2.0], "roe_series": [-5.9, -11.8, -0.8, -2.8, -18.8, -36.7], "period": "20260630", "rev_ttm": 5.9, "np_ttm": -2.2, "ocf_ttm": -0.6, "fcf_ttm": -0.8, "fcf_yield": -2.4, "ocf_yield": -2.0, "gm_median": 41.5, "gm_std": 4.8, "gm_stab": 0.88, "gm_chg_2022": -4.3, "npm_median": -9.8, "roe_median": -11.8, "commodity": false, "hard_ratio": 27.6, "fix_assets": 3.5, "goodwill_ratio": 0.0, "pb_calc": 7.89, "capex_dep": 0.34, "interest_debt": 5.1, "debt_ebitda": null, "debt_ratio": 65.3, "debt_mv": 16.0, "payout": null, "div_years": 0, "rev_cagr3": -6.7, "np_cagr3": null, "rev_yoy": -14.0, "np_yoy": -281.5, "np_vol": 207.0, "loss_years": 5, "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], ["工业收入", 17.0], ["工业", 17.0], ["软件开发服务", 14.0]], "ret_prev_year": -19.5, "ret_prev2_year": 15.1, "ret_ytd": -10.8, "ret_pivot": 48.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.5, "ret_60": 22.3, "ret_120": -7.6, "ret_250": -36.0, "mdd_250": -56.4, "vol_250": 37.5, "pos_52w": 63.1}, "S": {"duration": 100, "pricing": 56, "hard": 44, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.2 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 65%,有息负债 5 亿,经营现金流/市值 -2.0%: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": "只占定价权一条(毛利率 41.5%),硬资产占比 28%。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 -2.4%(经营现金流/市值 -2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.5%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -4.3 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 28%,资本开支/折旧 0.34 倍。有一些。"], ["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 -36%,最大回撤 -56%,年化波动 38%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 20% / 22% / -8%。", "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%。", "ST复华:PE ;股息率 ;毛利率 比行业中位低 11.0个百分点;固定资产占比 比行业中位低 2.2个百分点。"]}}