{"F": {"ts_code": "688373.SH", "name": "盟科药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "科创板", "list_date": "20220805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.55, "pe_ttm": null, "pb": 22.3513, "dv_ttm": null, "total_mv": 364206.762, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, 92.4, 81.7, 81.6, 82.8, 84.8], "rev_series": [null, 0.1, 0.5, 0.9, 1.3, 1.4], "np_series": [-0.9, -2.3, -2.2, -4.2, -4.4, -2.4], "roe_series": [-30.3, -42.7, -26.7, -41.1, -69.2, -75.0], "period": "20260630", "rev_ttm": 1.6, "np_ttm": -1.4, "ocf_ttm": -1.2, "fcf_ttm": -1.2, "fcf_yield": -3.2, "ocf_yield": -3.2, "gm_median": 82.8, "gm_std": 4.1, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": -457.0, "roe_median": -42.7, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 22.35, "capex_dep": 0.17, "interest_debt": 3.6, "debt_ebitda": null, "debt_ratio": 74.0, "debt_mv": 9.9, "payout": null, "div_years": 0, "rev_cagr3": 43.3, "np_cagr3": null, "rev_yoy": 33.7, "np_yoy": 72.9, "np_vol": 74.6, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["药品销售收入", 47.0], ["其他业务", 3.0]], "ret_prev_year": 22.3, "ret_prev2_year": -24.3, "ret_ytd": -8.1, "ret_pivot": 50.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.9, "ret_60": 23.6, "ret_120": -5.9, "ret_250": -28.1, "mdd_250": -56.6, "vol_250": 51.7, "pos_52w": 57.2}, "S": {"duration": 100, "pricing": 82, "hard": 1, "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 -1.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 74%,有息负债 4 亿,经营现金流/市值 -3.2%: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 82.8%),硬资产占比 0%。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 -3.2%(经营现金流/市值 -3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 82.8%,稳定度 95%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 0%,资本开支/折旧 0.17 倍。没有资产可言。"], ["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 -28%,最大回撤 -57%,年化波动 52%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 6% / 24% / -6%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "盟科药业:PE ;股息率 ;毛利率 比行业中位高 30.3个百分点;固定资产占比 比行业中位低 29.3个百分点。"]}}