{"F": {"ts_code": "688075.SH", "name": "安旭生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20211118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.3, "pe_ttm": null, "pb": 0.7413, "dv_ttm": 2.7159, "total_mv": 372352.604, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [75.9, 65.4, 74.8, 42.3, 39.1, 42.5], "rev_series": [12.0, 15.9, 61.7, 5.0, 5.4, 4.5], "np_series": [6.5, 7.4, 30.4, 1.4, 1.9, 0.7], "roe_series": [133.3, 43.2, 75.8, 2.7, 3.7, 1.3], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -0.0, "ocf_ttm": -0.5, "fcf_ttm": -1.3, "fcf_yield": -3.4, "ocf_yield": -1.3, "gm_median": 42.5, "gm_std": 14.5, "gm_stab": 0.66, "gm_chg_2022": -1.1, "npm_median": 35.6, "roe_median": 3.7, "commodity": false, "hard_ratio": 14.2, "fix_assets": 8.1, "goodwill_ratio": 0.2, "pb_calc": 0.74, "capex_dep": 2.01, "interest_debt": 1.5, "debt_ebitda": 2.9, "debt_ratio": 12.2, "debt_mv": 3.9, "payout": 79.5, "div_years": 5, "rev_cagr3": -58.2, "np_cagr3": -71.6, "rev_yoy": -17.8, "np_yoy": -117.9, "np_vol": 144.2, "loss_years": 0, "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], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 7.3, "ret_prev2_year": -6.9, "ret_ytd": -22.6, "ret_pivot": 0.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": -4.8, "ret_120": -24.3, "ret_250": -29.6, "mdd_250": -38.3, "vol_250": 25.7, "pos_52w": 67.2}, "S": {"duration": 100, "pricing": 51, "hard": 23, "bondness": 73}, "label": "纯久期", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE TTM 为负(亏损),估值里约 100% 来自 5 年后的假设;固定资产占比 14%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 14%,毛利率近 5 年中位 42.5%。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -3.4%(经营现金流/市值 -1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.5%,稳定度 66%,2020→2022 成本通胀期毛利率变化 -1.1 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 14%,资本开支/折旧 2.01 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 -30%,最大回撤 -38%,年化波动 26%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 1% / -5% / -24%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "安旭生物:PE ;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位低 12.9个百分点;固定资产占比 比行业中位低 7.7个百分点。"]}}