{"F": {"ts_code": "605177.SH", "name": "东亚药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20201125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.97, "pe_ttm": null, "pb": 1.5843, "dv_ttm": null, "total_mv": 252009.082, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.0, 28.2, 22.8, 26.6, 27.8, 23.6], "rev_series": [8.8, 7.1, 11.8, 13.6, 12.0, 9.4], "np_series": [1.1, 0.7, 1.0, 1.2, -1.0, -0.8], "roe_series": [8.9, 3.9, 5.8, 6.3, -5.2, -4.5], "period": "20260630", "rev_ttm": 9.9, "np_ttm": -1.7, "ocf_ttm": 0.2, "fcf_ttm": -0.2, "fcf_yield": -1.0, "ocf_yield": 0.8, "gm_median": 26.6, "gm_std": 2.2, "gm_stab": 0.92, "gm_chg_2022": -11.2, "npm_median": 8.9, "roe_median": 3.9, "commodity": false, "hard_ratio": 59.1, "fix_assets": 18.1, "goodwill_ratio": 0.0, "pb_calc": 1.48, "capex_dep": 0.26, "interest_debt": 9.2, "debt_ebitda": 27.9, "debt_ratio": 44.5, "debt_mv": 36.6, "payout": 30.5, "div_years": 3, "rev_cagr3": -7.3, "np_cagr3": null, "rev_yoy": 12.1, "np_yoy": -291.6, "np_vol": 83.3, "loss_years": 2, "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], ["β-内酰胺类抗菌药", 26.0], ["消化系统用药", 13.0], ["喹诺酮类抗菌药", 5.0]], "ret_prev_year": -9.6, "ret_prev2_year": -24.7, "ret_ytd": 23.4, "ret_pivot": 33.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 31.0, "ret_60": 6.1, "ret_120": -2.8, "ret_250": 4.9, "mdd_250": -39.8, "vol_250": 43.4, "pos_52w": 92.4}, "S": {"duration": 100, "pricing": 49, "hard": 95, "bondness": 46}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 9 亿,经营现金流/市值 0.8%: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 59%),没有定价权:毛利率近 5 年中位 26.6%,稳定度 92%。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 -1.0%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -11.2 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 59%,资本开支/折旧 0.26 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 5%,最大回撤 -40%,年化波动 43%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 31% / 6% / -3%。", "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%。", "东亚药业:PE ;股息率 ;毛利率 比行业中位低 25.9个百分点;固定资产占比 比行业中位高 29.3个百分点。"]}}