{"F": {"ts_code": "603139.SH", "name": "康惠股份", "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": "20170421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.56, "pe_ttm": null, "pb": 7.2742, "dv_ttm": null, "total_mv": 389198.0176, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.9, 47.0, 40.5, 28.1, 30.8, 25.4], "rev_series": [4.1, 4.4, 4.9, 6.7, 5.6, 4.7], "np_series": [0.3, 0.4, -0.6, -0.3, -0.9, -3.3], "roe_series": [3.4, 3.6, -6.2, -2.7, -9.9, -48.2], "period": "20260630", "rev_ttm": 4.3, "np_ttm": -2.8, "ocf_ttm": 0.1, "fcf_ttm": -1.2, "fcf_yield": -3.0, "ocf_yield": 0.3, "gm_median": 30.8, "gm_std": 8.1, "gm_stab": 0.74, "gm_chg_2022": -7.4, "npm_median": -15.6, "roe_median": -6.2, "commodity": false, "hard_ratio": 48.3, "fix_assets": 9.6, "goodwill_ratio": 0.4, "pb_calc": 7.27, "capex_dep": 1.96, "interest_debt": 5.5, "debt_ebitda": null, "debt_ratio": 69.1, "debt_mv": 14.0, "payout": null, "div_years": 1, "rev_cagr3": -1.4, "np_cagr3": null, "rev_yoy": -17.0, "np_yoy": 122.6, "np_vol": 146.0, "loss_years": 4, "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], ["医药制造", 26.0], ["医药流通", 13.0], ["算力服务", 7.0]], "ret_prev_year": 42.5, "ret_prev2_year": -23.5, "ret_ytd": 78.6, "ret_pivot": 217.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": -8.0, "ret_120": 30.9, "ret_250": 51.1, "mdd_250": -33.5, "vol_250": 49.3, "pos_52w": 80.9}, "S": {"duration": 100, "pricing": 45, "hard": 77, "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 -2.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 69%,有息负债 6 亿,经营现金流/市值 0.3%: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": "只占硬资产一条(占比 48%),没有定价权:毛利率近 5 年中位 30.8%,稳定度 74%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -3.0%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.8%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -7.4 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 48%,资本开支/折旧 1.96 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 51%,最大回撤 -34%,年化波动 49%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 2% / -8% / 31%。", "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%。", "康惠股份:PE ;股息率 ;毛利率 比行业中位低 26.7个百分点;固定资产占比 比行业中位高 24.9个百分点。"]}}