{"F": {"ts_code": "688759.SH", "name": "必贝特", "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": "20251028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.16, "pe_ttm": null, "pb": 6.5431, "dv_ttm": null, "total_mv": 1042284.9972, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.3, 41.8, null, null, null, null], "rev_series": [null, null, null, null, null, null], "np_series": [null, null, -1.9, -1.7, -0.6, -1.5], "roe_series": [-115.1, -38.1, -35.6, -43.9, -18.4, -15.7], "period": "20260630", "rev_ttm": null, "np_ttm": -1.8, "ocf_ttm": -1.2, "fcf_ttm": -1.6, "fcf_yield": -1.5, "ocf_yield": -1.2, "gm_median": 41.8, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -14109.3, "roe_median": -35.6, "commodity": false, "hard_ratio": 4.0, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 6.54, "capex_dep": 5.62, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 3.6, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": null, "np_yoy": -31.8, "np_vol": 87.6, "loss_years": 4, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -20.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.7, "ret_60": -20.4, "ret_120": -40.9, "ret_250": null, "mdd_250": -61.5, "vol_250": 77.0, "pos_52w": 42.2}, "S": {"duration": 100, "pricing": 53, "hard": 6, "bondness": 13}, "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 -1.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 4%,有息负债 0 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 41.8%),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 -1.5%(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 41.8%。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 5.62 倍。没有资产可言。"], ["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?"]], "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%。", "必贝特:PE ;股息率 ;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位低 25.8个百分点。"]}}