{"F": {"ts_code": "688607.SH", "name": "康众医疗", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗设备", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20210201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.67, "pe_ttm": null, "pb": 4.0668, "dv_ttm": null, "total_mv": 340794.843, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.4, 46.1, 36.6, 39.6, 39.5, 36.6], "rev_series": [3.4, 3.4, 2.0, 2.7, 3.0, 3.2], "np_series": [0.8, 0.9, -0.1, 0.2, 0.2, -0.1], "roe_series": [22.7, 13.7, -0.7, 1.8, 2.1, -0.8], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -0.3, "ocf_ttm": -0.4, "fcf_ttm": -0.9, "fcf_yield": -2.5, "ocf_yield": -1.2, "gm_median": 39.5, "gm_std": 3.5, "gm_stab": 0.91, "gm_chg_2022": -6.8, "npm_median": 5.6, "roe_median": 1.8, "commodity": false, "hard_ratio": 15.0, "fix_assets": 2.2, "goodwill_ratio": 19.7, "pb_calc": 4.07, "capex_dep": 5.31, "interest_debt": 3.7, "debt_ebitda": null, "debt_ratio": 39.1, "debt_mv": 10.7, "payout": 31.1, "div_years": 3, "rev_cagr3": 16.2, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": -3106.4, "np_vol": 181.9, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 178.6, "fwd_pe2": 95.1, "fwd_g1": null, "fwd_g2": 88.0, "peg": 2.03, "consensus_disp": null, "mainbz": [["产品", 49.0], ["平板探测器销售", 47.0], ["配件销售及维修", 2.0], ["配件销售", 2.0]], "ret_prev_year": 224.5, "ret_prev2_year": -34.9, "ret_ytd": -9.6, "ret_pivot": 284.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -19.4, "ret_60": -29.9, "ret_120": -29.0, "ret_250": 31.8, "mdd_250": -54.1, "vol_250": 68.7, "pos_52w": 53.7}, "S": {"duration": 100, "pricing": 55, "hard": 24, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 39%,有息负债 4 亿,经营现金流/市值 -1.2%: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 39.5%),硬资产占比 15%。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 -2.5%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -6.8 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 15%,资本开支/折旧 5.31 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 32%,最大回撤 -54%,年化波动 69%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -19% / -30% / -29%。", "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%。", "康众医疗:PE ;股息率 ;毛利率 比行业中位低 15.9个百分点;固定资产占比 比行业中位低 6.9个百分点。"]}}