{"F": {"ts_code": "920300.BJ", "name": "辰光医疗", "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": "北交所", "list_date": "20221207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.15, "pe_ttm": null, "pb": 5.6314, "dv_ttm": null, "total_mv": 87134.8329, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.4, 39.8, 40.7, 35.0, 38.2, 52.1], "rev_series": [1.4, 2.0, 1.9, 1.7, 1.2, 0.9], "np_series": [0.1, 0.2, 0.2, -0.1, -0.6, -0.6], "roe_series": [2.9, 12.9, 9.5, -4.0, -23.6, -30.5], "period": "20260630", "rev_ttm": 0.9, "np_ttm": -0.6, "ocf_ttm": 0.0, "fcf_ttm": -0.0, "fcf_yield": -0.4, "ocf_yield": 0.5, "gm_median": 39.8, "gm_std": 5.8, "gm_stab": 0.85, "gm_chg_2022": 0.3, "npm_median": -7.5, "roe_median": -4.0, "commodity": false, "hard_ratio": 31.2, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 5.63, "capex_dep": 0.88, "interest_debt": 1.3, "debt_ebitda": null, "debt_ratio": 51.5, "debt_mv": 14.6, "payout": null, "div_years": 1, "rev_cagr3": -21.8, "np_cagr3": null, "rev_yoy": 1.3, "np_yoy": 12.9, "np_vol": 259.7, "loss_years": 3, "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", 44.0], ["射频探测器", 20.0], ["MRI系统配件", 9.0], ["产品-MRI系统", 8.0]], "ret_prev_year": 32.5, "ret_prev2_year": -24.6, "ret_ytd": -34.0, "ret_pivot": 46.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 57, "hard": 50, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 52%,有息负债 1 亿,经营现金流/市值 0.5%: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 31%、毛利率 39.8% 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 -0.4%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.8%,稳定度 85%,2020→2022 成本通胀期毛利率变化 0.3 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 31%,资本开支/折旧 0.88 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?"]], "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%。", "辰光医疗:PE ;股息率 ;毛利率 比行业中位低 15.6个百分点;固定资产占比 比行业中位高 9.3个百分点。"]}}