{"F": {"ts_code": "688217.SH", "name": "睿昂基因", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20210517", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.46, "pe_ttm": null, "pb": 1.6411, "dv_ttm": 0.6867, "total_mv": 136623.5314, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [71.8, 73.1, 60.8, 73.2, 74.5, 75.4], "rev_series": [2.8, 2.9, 4.2, 2.6, 2.4, 1.8], "np_series": [0.4, 0.5, 0.4, 0.1, -0.2, -0.5], "roe_series": [6.2, 6.2, 4.4, 0.8, -1.7, -5.7], "period": "20260630", "rev_ttm": 1.5, "np_ttm": -0.7, "ocf_ttm": 0.4, "fcf_ttm": 0.4, "fcf_yield": 2.8, "ocf_yield": 3.0, "gm_median": 73.2, "gm_std": 5.4, "gm_stab": 0.93, "gm_chg_2022": -11.0, "npm_median": -1.9, "roe_median": 0.8, "commodity": false, "hard_ratio": 38.3, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 1.64, "capex_dep": 0.12, "interest_debt": 0.0, "debt_ebitda": 0.8, "debt_ratio": 3.9, "debt_mv": 0.1, "payout": 128.6, "div_years": 2, "rev_cagr3": -25.2, "np_cagr3": null, "rev_yoy": -20.4, "np_yoy": -447.2, "np_vol": 122.3, "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", 50.0], ["自产试剂", 45.0], ["检测服务", 3.0], ["试剂-外购", 1.0]], "ret_prev_year": 44.2, "ret_prev2_year": -48.7, "ret_ytd": -7.2, "ret_pivot": 81.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": 5.4, "ret_120": -18.0, "ret_250": -21.3, "mdd_250": -45.2, "vol_250": 43.0, "pos_52w": 71.5}, "S": {"duration": 100, "pricing": 73, "hard": 61, "bondness": 62}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 4%,有息负债 0 亿,经营现金流/市值 3.0%: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 38%、毛利率 73.2% 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 2.8%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 73.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -11.0 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 38%,资本开支/折旧 0.12 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 -21%,最大回撤 -45%,年化波动 43%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 6% / 5% / -18%。", "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%。", "睿昂基因:PE ;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 17.8个百分点;固定资产占比 比行业中位高 16.4个百分点。"]}}