{"F": {"ts_code": "688488.SH", "name": "艾迪药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "科创板", "list_date": "20200720", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.44, "pe_ttm": null, "pb": 7.1018, "dv_ttm": null, "total_mv": 649688.6432, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.1, 33.2, 42.9, 46.2, 54.9, 66.8], "rev_series": [2.9, 2.6, 2.4, 4.1, 4.2, 7.2], "np_series": [0.4, -0.3, -1.2, -0.8, -1.4, -0.2], "roe_series": [4.2, -2.2, -9.9, -6.5, -13.4, -2.0], "period": "20260630", "rev_ttm": 7.2, "np_ttm": -0.1, "ocf_ttm": 0.2, "fcf_ttm": -0.4, "fcf_yield": -0.6, "ocf_yield": 0.3, "gm_median": 46.2, "gm_std": 11.4, "gm_stab": 0.75, "gm_chg_2022": -7.2, "npm_median": -18.5, "roe_median": -6.5, "commodity": false, "hard_ratio": 19.7, "fix_assets": 3.9, "goodwill_ratio": 8.7, "pb_calc": 7.1, "capex_dep": 1.76, "interest_debt": 7.5, "debt_ebitda": 5.6, "debt_ratio": 50.7, "debt_mv": 11.5, "payout": null, "div_years": 0, "rev_cagr3": 43.3, "np_cagr3": null, "rev_yoy": 0.9, "np_yoy": 149.5, "np_vol": 145.0, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 4, "fwd_pe": 140.4, "fwd_pe2": 61.8, "fwd_g1": null, "fwd_g2": 127.0, "peg": 1.11, "consensus_disp": null, "mainbz": [["产品", 41.0], ["新药", 20.0], ["人源蛋白类", 12.0], ["人源蛋白", 12.0]], "ret_prev_year": 107.8, "ret_prev2_year": -37.2, "ret_ytd": -5.5, "ret_pivot": 131.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.0, "ret_60": 22.0, "ret_120": -3.7, "ret_250": -15.2, "mdd_250": -47.7, "vol_250": 59.9, "pos_52w": 69.7}, "S": {"duration": 100, "pricing": 53, "hard": 32, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 51%,有息负债 8 亿,经营现金流/市值 0.3%: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": "两条都不占:固定资产占比 20%,毛利率近 5 年中位 46.2%。", "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 -0.6%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.2%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -7.2 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 20%,资本开支/折旧 1.76 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 -15%,最大回撤 -48%,年化波动 60%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -12% / 22% / -4%。", "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%。", "艾迪药业:PE ;股息率 ;毛利率 比行业中位低 29.5个百分点;固定资产占比 比行业中位低 2.4个百分点。"]}}