{"F": {"ts_code": "603718.SH", "name": "*ST海利", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20150515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.17, "pe_ttm": null, "pb": 2.304, "dv_ttm": null, "total_mv": 205726.5649, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.8, 55.8, 59.0, 51.4, 60.2, 72.2], "rev_series": [2.6, 3.5, 3.0, 2.4, 2.7, 1.9], "np_series": [0.1, 0.5, 1.2, 0.6, 1.7, -3.1], "roe_series": [0.8, 5.2, 11.3, 5.3, 12.3, -25.5], "period": "20260630", "rev_ttm": 2.1, "np_ttm": -3.2, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 1.6, "ocf_yield": 2.1, "gm_median": 59.0, "gm_std": 6.9, "gm_stab": 0.88, "gm_chg_2022": 12.1, "npm_median": 20.8, "roe_median": 5.3, "commodity": false, "hard_ratio": 8.3, "fix_assets": 1.1, "goodwill_ratio": 40.9, "pb_calc": 2.3, "capex_dep": 1.1, "interest_debt": 1.1, "debt_ebitda": 1.7, "debt_ratio": 29.6, "debt_mv": 5.1, "payout": 28.9, "div_years": 3, "rev_cagr3": -14.4, "np_cagr3": null, "rev_yoy": 23.8, "np_yoy": -37.2, "np_vol": 259.3, "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", 33.0], ["口腔组织修复与再生材料", 18.0], ["口腔材料", 18.0], ["体外诊断试剂及原料", 8.0]], "ret_prev_year": -10.7, "ret_prev2_year": -35.6, "ret_ytd": -48.0, "ret_pivot": -46.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.9, "ret_60": 1.0, "ret_120": -34.8, "ret_250": -56.6, "mdd_250": -64.4, "vol_250": 39.9, "pos_52w": 43.2}, "S": {"duration": 100, "pricing": 72, "hard": 13, "bondness": 35}, "label": "亏损或困境", "tags": ["商誉占比高"], "text": {"像什么": ["TTM 归母净利 -3.2 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 1 亿,经营现金流/市值 2.1%: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": "只占定价权一条(毛利率 59.0%),硬资产占比 8%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 1.6%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 12.1 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 8%,资本开支/折旧 1.10 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 -57%,最大回撤 -64%,年化波动 40%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 9% / 1% / -35%。", "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%。", "*ST海利:PE ;股息率 ;毛利率 比行业中位高 3.6个百分点;固定资产占比 比行业中位低 13.6个百分点。"]}}