{"F": {"ts_code": "920575.BJ", "name": "*ST康乐", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "疫苗", "ind": "生物制品", "fin_source": "tushare", "market": "北交所", "list_date": "20230315", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.74, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 133165.56, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [94.4, 96.3, 97.4, 95.6, 96.0, 49.9], "rev_series": [0.0, 0.0, 0.0, 0.0, 0.0, 0.0], "np_series": [-1.5, -3.8, -2.9, -3.0, -3.6, -5.8], "roe_series": [-73.3, -45.3, -27.2, -32.7, -48.9, -220.3], "period": "20260630", "rev_ttm": 0.0, "np_ttm": -5.3, "ocf_ttm": -0.5, "fcf_ttm": -0.6, "fcf_yield": -4.8, "ocf_yield": -3.6, "gm_median": 96.0, "gm_std": 18.6, "gm_stab": 0.81, "gm_chg_2022": 3.0, "npm_median": -39978.8, "roe_median": -45.3, "commodity": false, "hard_ratio": 76.8, "fix_assets": 9.5, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.8, "interest_debt": 1.9, "debt_ebitda": null, "debt_ratio": 109.9, "debt_mv": 14.2, "payout": null, "div_years": 0, "rev_cagr3": -8.6, "np_cagr3": null, "rev_yoy": -77.5, "np_yoy": 35.3, "np_vol": 60.3, "loss_years": 5, "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": [["销售科研试剂和技术服务", 50.0], ["产品销售收入", 50.0]], "ret_prev_year": -50.0, "ret_prev2_year": -39.1, "ret_ytd": -42.7, "ret_pivot": -68.1, "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": 86, "hard": 100, "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 -5.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 110%,有息负债 2 亿,经营现金流/市值 -3.6%: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": "只占硬资产一条(占比 77%),没有定价权:毛利率近 5 年中位 96.0%,稳定度 81%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -4.8%(经营现金流/市值 -3.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 96.0%,稳定度 81%,2020→2022 成本通胀期毛利率变化 3.0 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 77%,资本开支/折旧 0.80 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「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "*ST康乐:PE ;股息率 ;毛利率 比行业中位高 20.3个百分点;固定资产占比 比行业中位高 54.7个百分点。"]}}