{"F": {"ts_code": "603168.SH", "name": "莎普爱思", "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": "20140702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.86, "pe_ttm": null, "pb": 1.5994, "dv_ttm": null, "total_mv": 219238.129, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.6, 64.3, 58.5, 56.0, 49.1, 46.0], "rev_series": [3.6, 6.3, 5.5, 6.4, 4.8, 4.6], "np_series": [-1.8, 0.4, 0.5, 0.3, -1.2, -2.4], "roe_series": [-12.8, 2.7, 3.0, 1.5, -7.5, -16.2], "period": "20260630", "rev_ttm": 4.2, "np_ttm": -2.4, "ocf_ttm": -0.1, "fcf_ttm": -1.1, "fcf_yield": -5.0, "ocf_yield": -0.3, "gm_median": 56.0, "gm_std": 6.6, "gm_stab": 0.88, "gm_chg_2022": 10.0, "npm_median": 3.9, "roe_median": 1.5, "commodity": false, "hard_ratio": 42.4, "fix_assets": 7.7, "goodwill_ratio": 7.7, "pb_calc": 1.6, "capex_dep": 1.89, "interest_debt": 2.8, "debt_ebitda": null, "debt_ratio": 24.2, "debt_mv": 12.8, "payout": 30.0, "div_years": 2, "rev_cagr3": -5.6, "np_cagr3": null, "rev_yoy": -16.8, "np_yoy": -10.8, "np_vol": 246.2, "loss_years": 2, "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], ["商品销售", 31.0], ["诊疗服务", 15.0], ["其他业务", 4.0]], "ret_prev_year": 9.9, "ret_prev2_year": -50.0, "ret_ytd": -20.4, "ret_pivot": -4.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.9, "ret_60": 10.4, "ret_120": -19.1, "ret_250": -27.2, "mdd_250": -45.6, "vol_250": 36.6, "pos_52w": 67.6}, "S": {"duration": 100, "pricing": 70, "hard": 68, "bondness": 34}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.4 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 24%,有息负债 3 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": "硬资产占比 42%、毛利率 56.0% 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 -5.0%(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 56.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 10.0 个百分点。能。"], ["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 1.89 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 -27%,最大回撤 -46%,年化波动 37%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 9% / 10% / -19%。", "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%。", "莎普爱思:PE ;股息率 ;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位高 12.6个百分点。"]}}