{"F": {"ts_code": "603716.SH", "name": "塞力医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "20161031", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.33, "pe_ttm": null, "pb": 3.5821, "dv_ttm": null, "total_mv": 391295.4564, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.2, 21.1, 19.9, 19.6, 18.3, 22.3], "rev_series": [21.3, 26.0, 23.1, 20.1, 18.1, 10.8], "np_series": [0.6, -0.5, -1.5, -1.6, -2.1, -2.1], "roe_series": [3.7, -3.1, -10.4, -12.1, -19.5, -22.1], "period": "20260630", "rev_ttm": 8.4, "np_ttm": -2.0, "ocf_ttm": 0.1, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 0.2, "gm_median": 19.9, "gm_std": 1.4, "gm_stab": 0.93, "gm_chg_2022": -3.3, "npm_median": -8.3, "roe_median": -12.1, "commodity": false, "hard_ratio": 5.9, "fix_assets": 0.9, "goodwill_ratio": 0.9, "pb_calc": 3.58, "capex_dep": 0.12, "interest_debt": 2.5, "debt_ebitda": null, "debt_ratio": 35.5, "debt_mv": 6.5, "payout": null, "div_years": 0, "rev_cagr3": -22.4, "np_cagr3": null, "rev_yoy": -41.3, "np_yoy": 14.8, "np_vol": 92.9, "loss_years": 5, "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", 36.0], ["集约化-IVD", 18.0], ["IVD业务", 18.0], ["集约化-SPD", 10.0]], "ret_prev_year": 184.6, "ret_prev2_year": -34.9, "ret_ytd": -15.7, "ret_pivot": 198.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.7, "ret_60": 13.1, "ret_120": -28.7, "ret_250": -50.0, "mdd_250": -63.2, "vol_250": 60.4, "pos_52w": 47.6}, "S": {"duration": 100, "pricing": 48, "hard": 9, "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 -2.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 2 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 6%,毛利率近 5 年中位 19.9%。", "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 0.1%(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 19.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 0.12 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 -50%,最大回撤 -63%,年化波动 60%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -4% / 13% / -29%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "塞力医疗:PE ;股息率 ;毛利率 比行业中位高 6.5个百分点;固定资产占比 比行业中位低 1.3个百分点。"]}}