{"F": {"ts_code": "603567.SH", "name": "珍宝岛", "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": "20150424", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.52, "pe_ttm": null, "pb": 0.8635, "dv_ttm": null, "total_mv": 519009.8856, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.0, 33.0, 17.5, 42.3, 55.1, -2.9], "rev_series": [34.0, 41.3, 42.1, 31.4, 27.0, 8.0], "np_series": [4.4, 3.3, 1.9, 4.7, 4.4, -13.7], "roe_series": [8.1, 5.3, 2.6, 6.5, 5.7, -19.4], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -15.6, "ocf_ttm": 4.9, "fcf_ttm": 4.4, "fcf_yield": 8.6, "ocf_yield": 9.4, "gm_median": 33.0, "gm_std": 20.1, "gm_stab": 0.39, "gm_chg_2022": -38.5, "npm_median": 8.1, "roe_median": 5.3, "commodity": false, "hard_ratio": 13.1, "fix_assets": 13.4, "goodwill_ratio": 0.1, "pb_calc": 0.86, "capex_dep": 0.3, "interest_debt": 31.4, "debt_ebitda": null, "debt_ratio": 41.1, "debt_mv": 60.6, "payout": 36.0, "div_years": 4, "rev_cagr3": -42.6, "np_cagr3": null, "rev_yoy": -58.6, "np_yoy": -246.1, "np_vol": 186.6, "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", 39.0], ["珍药商品销售(工业)(注)", 19.0], ["珍药商品销售(工业)", 19.0], ["外购药材销售(商业)", 11.0]], "ret_prev_year": -22.0, "ret_prev2_year": -3.0, "ret_ytd": -38.2, "ret_pivot": -43.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -22.0, "ret_60": -7.2, "ret_120": -27.4, "ret_250": -56.5, "mdd_250": -66.2, "vol_250": 51.8, "pos_52w": 43.6}, "S": {"duration": 100, "pricing": 34, "hard": 21, "bondness": 36}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -15.6 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 31 亿,经营现金流/市值 9.4%: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 13%,毛利率近 5 年中位 33.0%。", "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 8.6%(经营现金流/市值 9.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.0%,稳定度 39%,2020→2022 成本通胀期毛利率变化 -38.5 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 13%,资本开支/折旧 0.30 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 -56%,最大回撤 -66%,年化波动 52%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -22% / -7% / -27%。", "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%。", "珍宝岛:PE ;股息率 ;毛利率 比行业中位低 24.5个百分点;固定资产占比 比行业中位低 10.3个百分点。"]}}