{"F": {"ts_code": "688426.SH", "name": "康为世纪", "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": "20221025", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.0, "pe_ttm": null, "pb": 1.7918, "dv_ttm": null, "total_mv": 236236.77, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.2, 72.3, 69.9, 64.6, 55.9, 45.4], "rev_series": [2.3, 3.4, 5.2, 1.7, 1.3, 1.9], "np_series": [1.1, 1.3, 1.6, -0.8, -1.6, -1.1], "roe_series": [45.1, 26.2, 13.7, -4.9, -10.0, -7.6], "period": "20260630", "rev_ttm": 2.2, "np_ttm": -0.9, "ocf_ttm": -0.4, "fcf_ttm": -0.7, "fcf_yield": -2.9, "ocf_yield": -1.6, "gm_median": 64.6, "gm_std": 9.9, "gm_stab": 0.85, "gm_chg_2022": -7.3, "npm_median": -48.9, "roe_median": -4.9, "commodity": false, "hard_ratio": 22.0, "fix_assets": 3.3, "goodwill_ratio": 0.1, "pb_calc": 1.79, "capex_dep": 1.17, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 10.8, "debt_mv": 1.8, "payout": null, "div_years": 1, "rev_cagr3": -28.1, "np_cagr3": null, "rev_yoy": 29.7, "np_yoy": 37.1, "np_vol": 74.0, "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", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": -16.7, "ret_prev2_year": -6.4, "ret_ytd": -11.9, "ret_pivot": 26.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.4, "ret_60": 26.1, "ret_120": -7.8, "ret_250": -14.0, "mdd_250": -55.3, "vol_250": 46.9, "pos_52w": 62.8}, "S": {"duration": 100, "pricing": 66, "hard": 35, "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 -0.9 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 0 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 64.6%),硬资产占比 22%。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 -2.9%(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 64.6%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -7.3 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 22%,资本开支/折旧 1.17 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 -55%,年化波动 47%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 12% / 26% / -8%。", "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%。", "康为世纪:PE ;股息率 ;毛利率 比行业中位高 9.2个百分点;固定资产占比 比行业中位高 0.1个百分点。"]}}