{"F": {"ts_code": "US.PLSE", "name": "Pulse Biosciences", "mkt": "US", "ccy": "美元", "sw1": "医疗设备和用品", "sw2": "医疗设备和用品", "sw3": "", "ind": "医疗设备和用品", "fin_source": "futu", "market": "NASDAQ", "list_date": "20160518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 53.24, "pe_ttm": -45.504, "pb": 38.164, "dv_ttm": 0.0, "total_mv": 379721.559668, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [-54.0], "rev_series": [0.0], "np_series": [-0.7], "roe_series": [-74.4], "rev_ttm": 0.0, "np_ttm": -0.8, "ocf_ttm": -0.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -1.6, "gm_median": -54.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -20794.6, "roe_median": -74.4, "commodity": false, "hard_ratio": 5.2, "fix_assets": 0.1, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.8, "debt_ratio": 14.7, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 0.0, "np_yoy": -35.8, "np_vol": null, "loss_years": 1, "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_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 287.8, "ret_20": 25.5, "ret_60": 113.0, "ret_120": 143.9, "ret_250": 254.0, "mdd_250": null, "vol_250": null, "pos_52w": 96.2, "eps": -1.08}, "S": {"duration": 100, "pricing": 32, "hard": 8, "bondness": 13}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.8 亿;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 —,经营现金流/市值 -1.6%: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": "两条都不占:固定资产占比 5%,毛利率最新年报 -54.0%。", "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?", "经营现金流/市值 -1.6%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 -54.0%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。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?"]], "价格行为": "近一年 254%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 26% / 113% / 144%。", "行业对照": ["同富途行业「医疗设备和用品」51 家中位:PE 36.9 / 股息率 0.0% / 毛利率 53.5% / 固定资产占比 13% / 分红率 0%。", "Pulse Biosciences:PE 比行业中位低 82.4倍;股息率 与行业中位持平;毛利率 比行业中位低 107.5个百分点;固定资产占比 比行业中位低 8.2个百分点。"]}}