{"F": {"ts_code": "603108.SH", "name": "润达医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "20150527", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.87, "pe_ttm": null, "pb": 1.6169, "dv_ttm": null, "total_mv": 596743.9506, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 27.0, 28.0, 26.6, 25.4, 21.4], "rev_series": [70.7, 88.6, 104.9, 91.5, 83.1, 70.0], "np_series": [3.3, 3.8, 4.2, 2.7, 0.6, -5.5], "roe_series": [11.1, 11.4, 11.4, 6.7, 1.3, -13.5], "period": "20260630", "rev_ttm": 67.2, "np_ttm": -5.2, "ocf_ttm": 7.6, "fcf_ttm": 4.8, "fcf_yield": 8.0, "ocf_yield": 12.7, "gm_median": 26.6, "gm_std": 2.3, "gm_stab": 0.91, "gm_chg_2022": 0.9, "npm_median": 4.8, "roe_median": 6.7, "commodity": false, "hard_ratio": 7.4, "fix_assets": 9.5, "goodwill_ratio": 13.9, "pb_calc": 1.62, "capex_dep": 0.97, "interest_debt": 63.2, "debt_ebitda": 13.0, "debt_ratio": 63.1, "debt_mv": 105.9, "payout": 27.3, "div_years": 3, "rev_cagr3": -12.6, "np_cagr3": null, "rev_yoy": -8.0, "np_yoy": 27.2, "np_vol": 429.3, "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", 26.0], ["试剂及其他耗材", 24.0], ["试剂及其他耗材：销售", 23.0], ["试剂及其他耗材-销售", 23.0]], "ret_prev_year": -6.0, "ret_prev2_year": -21.4, "ret_ytd": -34.0, "ret_pivot": -27.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": -3.3, "ret_120": -32.3, "ret_250": -47.8, "mdd_250": -55.9, "vol_250": 47.7, "pos_52w": 49.3}, "S": {"duration": 100, "pricing": 53, "hard": 12, "bondness": 45}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -5.2 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 63%,有息负债 63 亿,经营现金流/市值 12.7%: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 7%,毛利率近 5 年中位 26.6%。", "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 8.0%(经营现金流/市值 12.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.6%,稳定度 91%,2020→2022 成本通胀期毛利率变化 0.9 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 7%,资本开支/折旧 0.97 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 -48%,最大回撤 -56%,年化波动 48%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -6% / -3% / -32%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "润达医疗:PE ;股息率 ;毛利率 比行业中位高 13.2个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}