{"F": {"ts_code": "603880.SH", "name": "南卫股份", "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": "20170807", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.67, "pe_ttm": null, "pb": 17.5349, "dv_ttm": null, "total_mv": 279503.614, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.9, 20.7, 13.2, 9.3, -2.3, 3.9], "rev_series": [10.7, 5.3, 5.5, 6.0, 6.0, 6.0], "np_series": [1.0, -0.2, -0.1, -1.5, -1.9, -1.0], "roe_series": [15.6, -3.4, -2.3, -27.2, -50.9, -44.6], "period": "20260630", "rev_ttm": 5.7, "np_ttm": -1.1, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 1.1, "ocf_yield": 1.5, "gm_median": 9.3, "gm_std": 7.9, "gm_stab": 0.15, "gm_chg_2022": -20.6, "npm_median": -16.8, "roe_median": -27.2, "commodity": false, "hard_ratio": 49.7, "fix_assets": 4.3, "goodwill_ratio": 0.0, "pb_calc": 17.53, "capex_dep": 0.28, "interest_debt": 4.3, "debt_ebitda": null, "debt_ratio": 81.3, "debt_mv": 15.5, "payout": null, "div_years": 0, "rev_cagr3": 3.3, "np_cagr3": null, "rev_yoy": -11.5, "np_yoy": -37.2, "np_vol": 360.6, "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", 50.0], ["创可贴", 17.0], ["防护用品", 16.0], ["胶布胶带及绷带", 14.0]], "ret_prev_year": 43.2, "ret_prev2_year": -14.5, "ret_ytd": 55.2, "ret_pivot": 182.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 29.3, "ret_60": 28.2, "ret_120": 31.6, "ret_250": 43.5, "mdd_250": -34.5, "vol_250": 49.1, "pos_52w": 98.0}, "S": {"duration": 100, "pricing": 14, "hard": 80, "bondness": 20}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 50%,但毛利率近 5 年中位只有 9.3%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -20.6 个百分点;资产负债率 81%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 50%),没有定价权:毛利率近 5 年中位 9.3%,稳定度 15%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.1%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.3%,稳定度 15%,2020→2022 成本通胀期毛利率变化 -20.6 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 50%,资本开支/折旧 0.28 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 44%,最大回撤 -34%,年化波动 49%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 29% / 28% / 32%。", "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%。", "南卫股份:PE ;股息率 ;毛利率 比行业中位低 46.1个百分点;固定资产占比 比行业中位高 27.8个百分点。"]}}