{"F": {"ts_code": "688277.SH", "name": "天智航", "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": "20200707", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.82, "pe_ttm": null, "pb": 5.7934, "dv_ttm": null, "total_mv": 691271.3418, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.0, 68.0, 65.7, 71.1, 70.2, 69.2], "rev_series": [1.4, 1.6, 1.6, 2.1, 1.8, 2.8], "np_series": [-0.5, -0.8, -1.1, -1.6, -1.2, -1.8], "roe_series": [-6.9, -8.0, -10.8, -13.7, -9.7, -14.9], "period": "20260630", "rev_ttm": 2.6, "np_ttm": -2.0, "ocf_ttm": -1.3, "fcf_ttm": -1.6, "fcf_yield": -2.3, "ocf_yield": -1.9, "gm_median": 69.2, "gm_std": 1.9, "gm_stab": 0.97, "gm_chg_2022": -11.3, "npm_median": -70.3, "roe_median": -10.8, "commodity": false, "hard_ratio": 25.8, "fix_assets": 4.3, "goodwill_ratio": 0.0, "pb_calc": 5.79, "capex_dep": 0.8, "interest_debt": 1.9, "debt_ebitda": null, "debt_ratio": 27.4, "debt_mv": 2.7, "payout": null, "div_years": 0, "rev_cagr3": 21.3, "np_cagr3": null, "rev_yoy": -16.0, "np_yoy": -21.8, "np_vol": 27.1, "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": [["产品", 40.0], ["骨科手术机器人", 20.0], ["骨科手术导航定位机器人", 20.0], ["配套设备及耗材", 13.0]], "ret_prev_year": 52.1, "ret_prev2_year": -24.2, "ret_ytd": -2.4, "ret_pivot": 135.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -16.8, "ret_60": -12.6, "ret_120": -38.2, "ret_250": -26.5, "mdd_250": -47.0, "vol_250": 59.6, "pos_52w": 53.0}, "S": {"duration": 100, "pricing": 72, "hard": 41, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 27%,有息负债 2 亿,经营现金流/市值 -1.9%: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 69.2%),硬资产占比 26%。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 -2.3%(经营现金流/市值 -1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 69.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -11.3 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 0.80 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 -26%,最大回撤 -47%,年化波动 60%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -17% / -13% / -38%。", "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%。", "天智航:PE ;股息率 ;毛利率 比行业中位高 13.8个百分点;固定资产占比 比行业中位高 3.9个百分点。"]}}