{"F": {"ts_code": "603669.SH", "name": "灵康药业", "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": "20150528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.22, "pe_ttm": null, "pb": 6.4008, "dv_ttm": null, "total_mv": 371836.8864, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [84.5, 79.4, 67.8, 46.7, 46.9, 43.7], "rev_series": [10.0, 7.4, 2.9, 2.0, 3.8, 3.2], "np_series": [1.6, 0.7, -2.0, -1.5, -1.3, -1.9], "roe_series": [11.5, 4.5, -15.1, -14.7, -15.4, -27.8], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -1.4, "ocf_ttm": -1.1, "fcf_ttm": -1.1, "fcf_yield": -3.0, "ocf_yield": -2.9, "gm_median": 46.9, "gm_std": 14.2, "gm_stab": 0.7, "gm_chg_2022": -16.6, "npm_median": -59.9, "roe_median": -15.1, "commodity": false, "hard_ratio": 34.7, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 5.8, "capex_dep": 0.17, "interest_debt": 3.2, "debt_ebitda": null, "debt_ratio": 42.9, "debt_mv": 8.6, "payout": null, "div_years": 1, "rev_cagr3": 3.7, "np_cagr3": null, "rev_yoy": 50.0, "np_yoy": 159.1, "np_vol": 155.2, "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": [["医药流通", 36.0], ["心脑血管类", 26.0], ["抗感染药", 15.0], ["抗感染类", 15.0]], "ret_prev_year": -13.1, "ret_prev2_year": -5.1, "ret_ytd": 14.5, "ret_pivot": 23.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.9, "ret_60": 14.2, "ret_120": 14.0, "ret_250": -16.6, "mdd_250": -38.7, "vol_250": 46.9, "pos_52w": 64.4}, "S": {"duration": 100, "pricing": 52, "hard": 56, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 3 亿,经营现金流/市值 -2.9%: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 35%),没有定价权:毛利率近 5 年中位 46.9%,稳定度 70%。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 -2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.9%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -16.6 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 35%,资本开支/折旧 0.17 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 -17%,最大回撤 -39%,年化波动 47%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -16% / 14% / 14%。", "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%。", "灵康药业:PE ;股息率 ;毛利率 比行业中位低 5.6个百分点;固定资产占比 比行业中位高 4.9个百分点。"]}}