{"F": {"ts_code": "688658.SH", "name": "悦康药业", "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": "20201224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.54, "pe_ttm": null, "pb": 1.898, "dv_ttm": null, "total_mv": 609300.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [66.0, 69.2, 64.6, 62.7, 57.8, 50.2], "rev_series": [43.4, 49.7, 45.4, 42.0, 37.8, 24.5], "np_series": [4.4, 5.5, 3.4, 1.8, 1.2, -2.6], "roe_series": [18.8, 14.5, 8.5, 4.9, 3.5, -7.6], "period": "20260630", "rev_ttm": 24.6, "np_ttm": -2.7, "ocf_ttm": 3.6, "fcf_ttm": 2.6, "fcf_yield": 4.2, "ocf_yield": 5.9, "gm_median": 62.7, "gm_std": 6.5, "gm_stab": 0.9, "gm_chg_2022": -1.4, "npm_median": 4.5, "roe_median": 4.9, "commodity": false, "hard_ratio": 38.2, "fix_assets": 19.3, "goodwill_ratio": 0.0, "pb_calc": 1.9, "capex_dep": 0.59, "interest_debt": 6.2, "debt_ebitda": 10.6, "debt_ratio": 36.8, "debt_mv": 10.1, "payout": 97.6, "div_years": 3, "rev_cagr3": -18.6, "np_cagr3": null, "rev_yoy": 1.2, "np_yoy": -6.1, "np_vol": 118.1, "loss_years": 1, "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", 49.0], ["其他业务", 1.0]], "ret_prev_year": 56.9, "ret_prev2_year": -30.3, "ret_ytd": -40.1, "ret_pivot": -11.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.4, "ret_60": 1.6, "ret_120": -24.7, "ret_250": -59.0, "mdd_250": -64.1, "vol_250": 66.8, "pos_52w": 42.6}, "S": {"duration": 100, "pricing": 69, "hard": 61, "bondness": 69}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -2.7 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 37%,有息负债 6 亿,经营现金流/市值 5.9%: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": "硬资产占比 38%、毛利率 62.7% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 4.2%(经营现金流/市值 5.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 62.7%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -1.4 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 38%,资本开支/折旧 0.59 倍。涨。"], ["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 -59%,最大回撤 -64%,年化波动 67%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 2% / 2% / -25%。", "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%。", "悦康药业:PE ;股息率 ;毛利率 比行业中位高 10.2个百分点;固定资产占比 比行业中位高 8.4个百分点。"]}}