{"F": {"ts_code": "688317.SH", "name": "之江生物", "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": "20210118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.93, "pe_ttm": null, "pb": 0.9857, "dv_ttm": null, "total_mv": 321405.3841, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [74.6, 62.5, 51.6, 65.1, 60.9, 64.2], "rev_series": [20.5, 20.2, 23.3, 2.7, 1.8, 1.2], "np_series": [9.3, 7.6, 7.6, -1.4, -1.3, -0.3], "roe_series": [91.6, 28.7, 18.9, -3.4, -3.4, -1.0], "period": "20260630", "rev_ttm": 1.2, "np_ttm": -0.7, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 0.9, "ocf_yield": 1.6, "gm_median": 62.5, "gm_std": 4.8, "gm_stab": 0.92, "gm_chg_2022": -23.0, "npm_median": -27.5, "roe_median": -1.0, "commodity": false, "hard_ratio": 16.4, "fix_assets": 6.0, "goodwill_ratio": 0.1, "pb_calc": 0.99, "capex_dep": 0.35, "interest_debt": 2.9, "debt_ebitda": null, "debt_ratio": 10.8, "debt_mv": 9.1, "payout": null, "div_years": 3, "rev_cagr3": -62.3, "np_cagr3": null, "rev_yoy": -10.5, "np_yoy": -312.0, "np_vol": 61.7, "loss_years": 3, "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", 34.0], ["核酸检测试剂盒", 29.0], ["核酸检测试剂", 29.0], ["其他主营业务", 3.0]], "ret_prev_year": 24.1, "ret_prev2_year": -22.1, "ret_ytd": -16.1, "ret_pivot": 19.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.1, "ret_60": 0.2, "ret_120": -14.8, "ret_250": -41.6, "mdd_250": -44.6, "vol_250": 45.0, "pos_52w": 62.3}, "S": {"duration": 100, "pricing": 67, "hard": 26, "bondness": 23}, "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 3 年;PE 为负,估值指标失真。", "资产负债率 11%,有息负债 3 亿,经营现金流/市值 1.6%: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 62.5%),硬资产占比 16%。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 0.9%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 62.5%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -23.0 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 16%,资本开支/折旧 0.35 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 -45%,年化波动 45%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -1% / 0% / -15%。", "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%。", "之江生物:PE ;股息率 ;毛利率 比行业中位高 7.1个百分点;固定资产占比 比行业中位低 5.5个百分点。"]}}