{"F": {"ts_code": "688192.SH", "name": "迪哲医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "科创板", "list_date": "20211210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.07, "pe_ttm": null, "pb": 23.4927, "dv_ttm": null, "total_mv": 2654701.7913, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.5, 12.4, null, 96.5, 97.4, 95.7], "rev_series": [0.3, 0.1, 0.0, 0.9, 3.6, 8.0], "np_series": [-5.9, -6.7, -7.4, -11.1, -8.5, -7.6], "roe_series": [-76.7, -37.8, -34.9, -85.0, -162.3, -102.7], "period": "20260630", "rev_ttm": 9.7, "np_ttm": -6.0, "ocf_ttm": -6.0, "fcf_ttm": -7.0, "fcf_yield": -2.6, "ocf_yield": -2.3, "gm_median": 96.1, "gm_std": 36.4, "gm_stab": 0.62, "gm_chg_2022": null, "npm_median": -737.3, "roe_median": -85.0, "commodity": false, "hard_ratio": 11.7, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 23.49, "capex_dep": 4.4, "interest_debt": 13.6, "debt_ebitda": null, "debt_ratio": 60.4, "debt_mv": 5.1, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 47.2, "np_yoy": 44.3, "np_vol": 25.1, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 10, "fwd_pe": 12.4, "fwd_pe2": 117.7, "fwd_g1": null, "fwd_g2": -89.0, "peg": null, "consensus_disp": null, "mainbz": [["销售药品", 50.0], ["销售产品", 50.0]], "ret_prev_year": 38.9, "ret_prev2_year": -13.3, "ret_ytd": -0.9, "ret_pivot": 70.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": 53.8, "ret_120": 18.3, "ret_250": -31.1, "mdd_250": -55.4, "vol_250": 60.3, "pos_52w": 69.8}, "S": {"duration": 100, "pricing": 77, "hard": 19, "bondness": 13}, "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 -6.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 60%,有息负债 14 亿,经营现金流/市值 -2.3%: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": "两条都不占:固定资产占比 12%,毛利率近 5 年中位 96.1%。", "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 -2.6%(经营现金流/市值 -2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 96.1%,稳定度 62%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%,资本开支/折旧 4.40 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 -31%,最大回撤 -55%,年化波动 60%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 2% / 54% / 18%。", "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%。", "迪哲医药:PE ;股息率 ;毛利率 比行业中位高 43.6个百分点;固定资产占比 比行业中位低 18.1个百分点。"]}}