{"F": {"ts_code": "688212.SH", "name": "澳华内镜", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20211115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.86, "pe_ttm": null, "pb": 3.3983, "dv_ttm": null, "total_mv": 415577.1158, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.4, 69.3, 69.7, 73.8, 68.1, 65.2], "rev_series": [2.6, 3.5, 4.5, 6.8, 7.5, 7.7], "np_series": [0.2, 0.6, 0.2, 0.6, 0.2, 0.1], "roe_series": [3.5, 6.4, 1.7, 4.4, 1.5, 0.9], "period": "20260630", "rev_ttm": 7.9, "np_ttm": -0.3, "ocf_ttm": -0.0, "fcf_ttm": -1.0, "fcf_yield": -2.3, "ocf_yield": -0.1, "gm_median": 69.3, "gm_std": 2.8, "gm_stab": 0.96, "gm_chg_2022": 2.4, "npm_median": 5.6, "roe_median": 1.7, "commodity": false, "hard_ratio": 33.1, "fix_assets": 6.4, "goodwill_ratio": 2.3, "pb_calc": 3.4, "capex_dep": 1.68, "interest_debt": 4.1, "debt_ebitda": 7.7, "debt_ratio": 36.1, "debt_mv": 9.8, "payout": 84.9, "div_years": 3, "rev_cagr3": 20.2, "np_cagr3": -19.2, "rev_yoy": 7.4, "np_yoy": -110.0, "np_vol": 120.7, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 13, "fwd_pe": 96.0, "fwd_pe2": 43.3, "fwd_g1": null, "fwd_g2": 122.0, "peg": 0.79, "consensus_disp": null, "mainbz": [["内窥镜设备", 95.0], ["内窥镜维修服务收入", 2.0], ["内窥镜诊疗耗材", 2.0], ["其他业务", 1.0]], "ret_prev_year": 9.0, "ret_prev2_year": -35.0, "ret_ytd": -29.4, "ret_pivot": -7.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.3, "ret_60": 9.4, "ret_120": -22.1, "ret_250": -38.8, "mdd_250": -51.4, "vol_250": 39.1, "pos_52w": 59.2}, "S": {"duration": 100, "pricing": 78, "hard": 53, "bondness": 45}, "label": "亏损或困境", "tags": ["PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 4 亿,经营现金流/市值 -0.1%: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": "硬资产占比 33%、毛利率 69.3% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 69.3%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.4 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 33%,资本开支/折旧 1.68 倍。涨。"], ["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 -39%,最大回撤 -51%,年化波动 39%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 12% / 9% / -22%。", "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%。", "澳华内镜:PE ;股息率 ;毛利率 比行业中位高 13.9个百分点;固定资产占比 比行业中位高 11.2个百分点。"]}}