{"F": {"ts_code": "920670.BJ", "name": "数字人", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "北交所", "list_date": "20201208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.36, "pe_ttm": 345.9871, "pb": 6.0304, "dv_ttm": 0.4491, "total_mv": 141859.6864, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [64.9, 66.9, 67.5, 68.6, 72.2, 69.5], "rev_series": [1.0, 0.8, 0.7, 1.0, 0.7, 1.0], "np_series": [0.3, 0.2, -0.0, 0.1, -0.0, 0.1], "roe_series": [14.4, 4.8, -1.7, 4.7, -1.7, 3.3], "period": "20260630", "rev_ttm": 1.0, "np_ttm": 0.0, "ocf_ttm": 0.3, "fcf_ttm": 0.3, "fcf_yield": 1.9, "ocf_yield": 2.1, "gm_median": 68.6, "gm_std": 1.9, "gm_stab": 0.97, "gm_chg_2022": 2.6, "npm_median": 8.2, "roe_median": 3.3, "commodity": false, "hard_ratio": 14.2, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 6.03, "capex_dep": 0.31, "interest_debt": 0.0, "debt_ebitda": 0.2, "debt_ratio": 13.2, "debt_mv": 0.2, "payout": 64.8, "div_years": 3, "rev_cagr3": 11.7, "np_cagr3": null, "rev_yoy": -0.7, "np_yoy": -104.8, "np_vol": 219.4, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["数字医学产品", 78.0], ["智能一体机", 7.0], ["交互智能一体机", 7.0], ["其他主营业务", 2.0]], "ret_prev_year": 9.3, "ret_prev2_year": 1.4, "ret_ytd": -20.4, "ret_pivot": 54.6, "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": 78, "hard": 23, "bondness": 34}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.0 亿,近 5 年亏损 2 年;PE 346 倍(盈利极薄),估值指标失真。", "资产负债率 13%,有息负债 0 亿,经营现金流/市值 2.1%: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 68.6%),硬资产占比 14%。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 1.9%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 68.6%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.6 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 14%,资本开支/折旧 0.31 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 346.0 倍 粗算,约 99%(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「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "数字人:PE 比行业中位高 272.9倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 27.3个百分点;固定资产占比 比行业中位低 4.7个百分点。"]}}