{"F": {"ts_code": "603392.SH", "name": "万泰生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20200429", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.67, "pe_ttm": null, "pb": 2.981, "dv_ttm": null, "total_mv": 3498574.8776, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [81.2, 85.8, 89.5, 85.6, 66.2, 49.3], "rev_series": [23.5, 57.5, 111.9, 55.1, 22.5, 18.2], "np_series": [6.8, 20.2, 47.4, 12.5, 1.1, -4.0], "roe_series": [32.9, 57.6, 56.4, 10.0, 0.9, -3.3], "period": "20260630", "rev_ttm": 20.2, "np_ttm": -3.8, "ocf_ttm": 0.7, "fcf_ttm": -5.1, "fcf_yield": -1.5, "ocf_yield": 0.2, "gm_median": 85.6, "gm_std": 15.3, "gm_stab": 0.82, "gm_chg_2022": 8.3, "npm_median": 22.6, "roe_median": 10.0, "commodity": false, "hard_ratio": 24.3, "fix_assets": 33.3, "goodwill_ratio": 0.0, "pb_calc": 2.98, "capex_dep": 2.04, "interest_debt": 3.2, "debt_ebitda": null, "debt_ratio": 13.2, "debt_mv": 0.9, "payout": 32.3, "div_years": 3, "rev_cagr3": -45.4, "np_cagr3": null, "rev_yoy": 24.3, "np_yoy": 10.9, "np_vol": 235.8, "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": [["试剂", 50.0], ["疫苗", 41.0], ["诊断仪器", 4.0], ["代理产品", 3.0]], "ret_prev_year": -36.2, "ret_prev2_year": -5.8, "ret_ytd": -38.4, "ret_pivot": -60.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.4, "ret_60": -4.4, "ret_120": -30.4, "ret_250": -55.6, "mdd_250": -56.7, "vol_250": 36.5, "pos_52w": 45.6}, "S": {"duration": 100, "pricing": 83, "hard": 39, "bondness": 34}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 13%,有息负债 3 亿,经营现金流/市值 0.2%: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 24%,毛利率近 5 年中位 85.6%。", "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 -1.5%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 85.6%,稳定度 82%,2020→2022 成本通胀期毛利率变化 8.3 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 24%,资本开支/折旧 2.04 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 -56%,最大回撤 -57%,年化波动 36%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -9% / -4% / -30%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "万泰生物:PE ;股息率 ;毛利率 比行业中位高 30.2个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}