{"F": {"ts_code": "688202.SH", "name": "美迪西", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "科创板", "list_date": "20191105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 93.24, "pe_ttm": null, "pb": 6.255, "dv_ttm": null, "total_mv": 1252699.9128, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.1, 45.3, 40.8, 23.8, 6.3, 17.4], "rev_series": [6.7, 11.7, 16.6, 13.7, 10.4, 11.6], "np_series": [1.3, 2.8, 3.4, -0.3, -3.3, -1.7], "roe_series": [12.2, 23.0, 23.1, -1.6, -14.2, -8.2], "period": "20260630", "rev_ttm": 13.8, "np_ttm": -1.0, "ocf_ttm": 1.7, "fcf_ttm": 0.2, "fcf_yield": 0.1, "ocf_yield": 1.3, "gm_median": 23.8, "gm_std": 14.5, "gm_stab": 0.39, "gm_chg_2022": -0.3, "npm_median": -2.4, "roe_median": -1.6, "commodity": false, "hard_ratio": 26.1, "fix_assets": 7.5, "goodwill_ratio": 0.0, "pb_calc": 6.25, "capex_dep": 1.74, "interest_debt": 2.2, "debt_ebitda": 4.6, "debt_ratio": 30.5, "debt_mv": 1.8, "payout": null, "div_years": 2, "rev_cagr3": -11.2, "np_cagr3": null, "rev_yoy": 40.9, "np_yoy": 500.1, "np_vol": 373.6, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 4, "fwd_pe": 149.2, "fwd_pe2": 61.5, "fwd_g1": null, "fwd_g2": 142.0, "peg": 1.05, "consensus_disp": null, "mainbz": [["产品", 41.0], ["临床前研究", 22.0], ["药物探索与药学研究", 19.0], ["药物发现和药学研究", 19.0]], "ret_prev_year": 86.9, "ret_prev2_year": -55.9, "ret_ytd": 65.3, "ret_pivot": 280.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.0, "ret_60": 81.6, "ret_120": 43.8, "ret_250": 41.7, "mdd_250": -36.7, "vol_250": 66.1, "pos_52w": 84.8}, "S": {"duration": 100, "pricing": 33, "hard": 42, "bondness": 34}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 2 亿,经营现金流/市值 1.3%: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 26%,毛利率近 5 年中位 23.8%。", "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 0.1%(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 23.8%,稳定度 39%,2020→2022 成本通胀期毛利率变化 -0.3 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 26%,资本开支/折旧 1.74 倍。有一些。"], ["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 42%,最大回撤 -37%,年化波动 66%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -2% / 82% / 44%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "美迪西:PE ;股息率 ;毛利率 比行业中位低 17.5个百分点;固定资产占比 比行业中位高 7.2个百分点。"]}}