{"F": {"ts_code": "603122.SH", "name": "合富中国", "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": "20220216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.56, "pe_ttm": null, "pb": 5.201, "dv_ttm": null, "total_mv": 539759.3256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.6, 21.0, 20.1, 20.7, 19.6, 14.8], "rev_series": [10.9, 11.9, 12.8, 10.9, 9.4, 6.8], "np_series": [0.7, 0.8, 0.8, 0.5, 0.3, -0.3], "roe_series": [9.6, 10.6, 8.4, 4.0, 2.4, -3.0], "period": "20260630", "rev_ttm": 6.5, "np_ttm": -0.3, "ocf_ttm": -0.5, "fcf_ttm": -0.7, "fcf_yield": -1.2, "ocf_yield": -1.0, "gm_median": 20.1, "gm_std": 2.3, "gm_stab": 0.89, "gm_chg_2022": -0.5, "npm_median": 4.3, "roe_median": 4.0, "commodity": false, "hard_ratio": 10.4, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 5.2, "capex_dep": 1.73, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 27.0, "debt_mv": 0.6, "payout": 210.7, "div_years": 4, "rev_cagr3": -19.1, "np_cagr3": null, "rev_yoy": -7.9, "np_yoy": -2.2, "np_vol": 84.7, "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", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 254.7, "ret_prev2_year": -12.5, "ret_ytd": -44.4, "ret_pivot": 149.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.4, "ret_60": 13.9, "ret_120": -15.8, "ret_250": 89.9, "mdd_250": -67.9, "vol_250": 71.5, "pos_52w": 45.2}, "S": {"duration": 100, "pricing": 48, "hard": 17, "bondness": 58}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 27%,有息负债 0 亿,经营现金流/市值 -1.0%: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": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 20.1%。", "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 -1.2%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.1%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -0.5 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 10%,资本开支/折旧 1.73 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 90%,最大回撤 -68%,年化波动 72%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 9% / 14% / -16%。", "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%。", "合富中国:PE ;股息率 ;毛利率 比行业中位高 6.7个百分点;固定资产占比 比行业中位高 3.2个百分点。"]}}