{"F": {"ts_code": "688712.SH", "name": "北芯生命", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20260205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.24, "pe_ttm": 105.4518, "pb": 7.1502, "dv_ttm": null, "total_mv": 1302708.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.1, 58.9, 63.5, 65.0, 63.3, 69.9], "rev_series": [null, null, 0.9, 1.8, 3.2, 5.4], "np_series": [null, null, -2.9, -1.4, -0.4, 0.8], "roe_series": [-32.7, -88.9, -37.6, -19.2, -6.3, 10.7], "period": "20260630", "rev_ttm": 6.7, "np_ttm": 1.2, "ocf_ttm": 2.4, "fcf_ttm": 1.8, "fcf_yield": 1.3, "ocf_yield": 1.8, "gm_median": 63.5, "gm_std": 3.5, "gm_stab": 0.94, "gm_chg_2022": 55.5, "npm_median": -84.4, "roe_median": -19.2, "commodity": false, "hard_ratio": 4.1, "fix_assets": 0.8, "goodwill_ratio": 0.0, "pb_calc": 7.15, "capex_dep": 5.57, "interest_debt": 0.5, "debt_ebitda": 0.4, "debt_ratio": 10.9, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": 80.3, "np_cagr3": null, "rev_yoy": 49.4, "np_yoy": 88.0, "np_vol": 375.5, "loss_years": 3, "far_share": 95.0, "earn_yield": 0.9, "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": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.2, "ret_60": -14.8, "ret_120": -22.2, "ret_250": null, "mdd_250": -37.1, "vol_250": 51.4, "pos_52w": 62.9}, "S": {"duration": 93, "pricing": 76, "hard": 7, "bondness": 1}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 1.2 亿,近 5 年亏损 3 年;PE 105 倍(盈利极薄),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 1.8%: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 63.5%),硬资产占比 4%。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 1.3%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 55.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 4%,资本开支/折旧 5.57 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 105.5 倍 粗算,约 95%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "北芯生命:PE 比行业中位高 66.9倍;股息率 ;毛利率 比行业中位高 8.1个百分点;固定资产占比 比行业中位低 17.8个百分点。"]}}