{"F": {"ts_code": "688319.SH", "name": "欧林生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "疫苗", "ind": "生物制品", "fin_source": "tushare", "market": "科创板", "list_date": "20210608", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.23, "pe_ttm": null, "pb": 13.165, "dv_ttm": null, "total_mv": 1144470.4539, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [95.1, 93.9, 92.9, 93.6, 94.4, 93.0], "rev_series": [3.2, 4.9, 5.5, 5.0, 5.9, 7.0], "np_series": [0.4, 1.1, 0.3, 0.2, 0.2, 0.2], "roe_series": [10.1, 17.7, 3.1, 2.0, 2.3, 2.4], "period": "20260630", "rev_ttm": 7.6, "np_ttm": -0.2, "ocf_ttm": 0.5, "fcf_ttm": -0.3, "fcf_yield": -0.3, "ocf_yield": 0.5, "gm_median": 93.6, "gm_std": 0.6, "gm_stab": 0.99, "gm_chg_2022": -2.3, "npm_median": 3.1, "roe_median": 2.4, "commodity": false, "hard_ratio": 29.1, "fix_assets": 6.1, "goodwill_ratio": 0.0, "pb_calc": 13.17, "capex_dep": 2.3, "interest_debt": 5.2, "debt_ebitda": 3.9, "debt_ratio": 58.6, "debt_mv": 4.6, "payout": 87.8, "div_years": 1, "rev_cagr3": 8.8, "np_cagr3": -5.7, "rev_yoy": 18.1, "np_yoy": -349.1, "np_vol": 93.9, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": null, "fwd_pe2": 194.7, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 139.2, "ret_prev2_year": -32.7, "ret_ytd": 11.3, "ret_pivot": 246.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.7, "ret_60": -19.8, "ret_120": -9.8, "ret_250": -13.6, "mdd_250": -53.7, "vol_250": 71.1, "pos_52w": 63.6}, "S": {"duration": 100, "pricing": 87, "hard": 47, "bondness": 54}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 59%,有息负债 5 亿,经营现金流/市值 0.5%: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 93.6%),硬资产占比 29%。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 -0.3%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 93.6%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -2.3 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 29%,资本开支/折旧 2.30 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 -14%,最大回撤 -54%,年化波动 71%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 4% / -20% / -10%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "欧林生物:PE ;股息率 ;毛利率 比行业中位高 17.9个百分点;固定资产占比 比行业中位高 7.0个百分点。"]}}