{"F": {"ts_code": "688399.SH", "name": "硕世生物", "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": "20191205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.93, "pe_ttm": null, "pb": 1.1356, "dv_ttm": 8.5306, "total_mv": 334282.3593, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.6, 69.1, 60.6, 63.9, 62.3, 63.2], "rev_series": [17.4, 28.4, 55.3, 4.0, 3.5, 3.4], "np_series": [8.2, 11.9, 18.3, -3.7, -0.0, -0.4], "roe_series": [61.0, 56.8, 57.9, -10.4, -0.1, -1.3], "period": "20260630", "rev_ttm": 3.1, "np_ttm": -0.3, "ocf_ttm": 0.3, "fcf_ttm": -0.5, "fcf_yield": -1.6, "ocf_yield": 0.8, "gm_median": 63.2, "gm_std": 2.9, "gm_stab": 0.95, "gm_chg_2022": -17.0, "npm_median": -0.6, "roe_median": -0.1, "commodity": false, "hard_ratio": 17.5, "fix_assets": 6.5, "goodwill_ratio": 0.0, "pb_calc": 1.14, "capex_dep": 1.68, "interest_debt": 5.5, "debt_ebitda": 18.8, "debt_ratio": 20.9, "debt_mv": 16.6, "payout": null, "div_years": 2, "rev_cagr3": -60.6, "np_cagr3": null, "rev_yoy": -16.0, "np_yoy": 390.0, "np_vol": 792.2, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": 99.7, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["检测试剂", 40.0], ["检测仪器", 4.0], ["外购仪器及组件", 3.0]], "ret_prev_year": 67.1, "ret_prev2_year": 22.5, "ret_ytd": -41.8, "ret_pivot": -21.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.8, "ret_60": -20.4, "ret_120": -37.4, "ret_250": -34.9, "mdd_250": -58.5, "vol_250": 58.2, "pos_52w": 46.9}, "S": {"duration": 100, "pricing": 69, "hard": 28, "bondness": 65}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "股息率≥4%"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 21%,有息负债 6 亿,经营现金流/市值 0.8%: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 63.2%),硬资产占比 18%。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 -1.6%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -17.0 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 18%,资本开支/折旧 1.68 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 -35%,最大回撤 -58%,年化波动 58%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -11% / -20% / -37%。", "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%。", "硕世生物:PE ;股息率 比行业中位高 7.4个百分点;毛利率 比行业中位高 7.8个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}