{"F": {"ts_code": "688137.SH", "name": "近岸蛋白", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "科创板", "list_date": "20220929", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 62.15, "pe_ttm": null, "pb": 2.1743, "dv_ttm": null, "total_mv": 434537.2625, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [89.3, 87.7, 86.3, 75.7, 62.4, 67.1], "rev_series": [1.8, 3.4, 2.6, 1.5, 1.3, 1.5], "np_series": [0.8, 1.5, 0.9, 0.1, -0.5, -0.8], "roe_series": [174.0, 64.4, 7.1, 0.6, -2.5, -3.8], "period": "20260630", "rev_ttm": 1.5, "np_ttm": -0.8, "ocf_ttm": -0.2, "fcf_ttm": -1.0, "fcf_yield": -2.3, "ocf_yield": -0.5, "gm_median": 75.7, "gm_std": 10.1, "gm_stab": 0.87, "gm_chg_2022": -2.9, "npm_median": 8.4, "roe_median": 0.6, "commodity": false, "hard_ratio": 8.2, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 2.17, "capex_dep": 5.45, "interest_debt": 0.5, "debt_ebitda": null, "debt_ratio": 6.6, "debt_mv": 1.2, "payout": 277.8, "div_years": 2, "rev_cagr3": -17.9, "np_cagr3": null, "rev_yoy": 8.9, "np_yoy": -20.6, "np_vol": 208.0, "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", 35.0], ["靶点及因子类蛋白", 21.0], ["蛋白类", 21.0], ["酶联免疫及理化试剂等", 8.0]], "ret_prev_year": 20.6, "ret_prev2_year": -39.6, "ret_ytd": 55.2, "ret_pivot": 109.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 33.0, "ret_60": 69.6, "ret_120": 49.9, "ret_250": 36.1, "mdd_250": -37.5, "vol_250": 67.8, "pos_52w": 74.0}, "S": {"duration": 100, "pricing": 74, "hard": 13, "bondness": 58}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 7%,有息负债 0 亿,经营现金流/市值 -0.5%: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 75.7%),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 -2.3%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 75.7%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -2.9 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 8%,资本开支/折旧 5.45 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 36%,最大回撤 -38%,年化波动 68%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 33% / 70% / 50%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "近岸蛋白:PE ;股息率 ;毛利率 与行业中位持平;固定资产占比 比行业中位低 13.9个百分点。"]}}