{"F": {"ts_code": "688197.SH", "name": "首药控股", "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": "20220323", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.45, "pe_ttm": null, "pb": 7.7949, "dv_ttm": null, "total_mv": 482594.453, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [99.9, 99.9, 99.4, 97.9, 99.0, 96.9], "rev_series": [0.1, 0.1, 0.0, 0.1, 0.0, 0.1], "np_series": [-3.3, -1.4, -1.7, -1.9, -2.1, -1.3], "roe_series": [-206.2, -195.9, -28.8, -16.7, -23.2, -17.3], "period": "20260630", "rev_ttm": 0.3, "np_ttm": -0.9, "ocf_ttm": -1.1, "fcf_ttm": -1.2, "fcf_yield": -2.4, "ocf_yield": -2.3, "gm_median": 99.0, "gm_std": 1.1, "gm_stab": 0.99, "gm_chg_2022": -0.6, "npm_median": -3548.8, "roe_median": -23.2, "commodity": false, "hard_ratio": 2.0, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 7.79, "capex_dep": 2.01, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 14.7, "debt_mv": 0.2, "payout": null, "div_years": 0, "rev_cagr3": 68.0, "np_cagr3": null, "rev_yoy": 1300.0, "np_yoy": 41.5, "np_vol": 30.8, "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": [["技术开发及服务", 50.0], ["产品", 50.0]], "ret_prev_year": 16.4, "ret_prev2_year": -45.9, "ret_ytd": -6.6, "ret_pivot": 8.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.4, "ret_60": -5.7, "ret_120": -13.7, "ret_250": -38.0, "mdd_250": -40.7, "vol_250": 54.8, "pos_52w": 63.4}, "S": {"duration": 100, "pricing": 91, "hard": 3, "bondness": 3}, "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 -0.9 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 0 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": "只占定价权一条(毛利率 99.0%),硬资产占比 2%。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 -2.4%(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 99.0%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,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 -38%,最大回撤 -41%,年化波动 55%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -10% / -6% / -14%。", "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%。", "首药控股:PE ;股息率 ;毛利率 比行业中位高 46.5个百分点;固定资产占比 比行业中位低 27.8个百分点。"]}}