{"F": {"ts_code": "000153.SZ", "name": "丰原药业", "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": "主板", "list_date": "20000920", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.22, "pe_ttm": 30.6103, "pb": 1.3363, "dv_ttm": 1.6077, "total_mv": 289034.381, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.7, 30.1, 28.2, 25.7, 21.8, 18.4], "rev_series": [33.2, 35.0, 40.0, 42.8, 42.8, 38.6], "np_series": [1.0, 1.1, 1.5, 1.6, 1.6, 1.0], "roe_series": [7.6, 7.8, 9.5, 8.8, 8.2, 4.8], "period": "20260630", "rev_ttm": 35.0, "np_ttm": 0.9, "ocf_ttm": 1.7, "fcf_ttm": 0.5, "fcf_yield": 1.7, "ocf_yield": 6.0, "gm_median": 25.7, "gm_std": 4.3, "gm_stab": 0.83, "gm_chg_2022": -6.4, "npm_median": 3.7, "roe_median": 8.2, "commodity": false, "hard_ratio": 35.3, "fix_assets": 18.0, "goodwill_ratio": 0.1, "pb_calc": 1.34, "capex_dep": 1.23, "interest_debt": 15.1, "debt_ebitda": 5.1, "debt_ratio": 57.3, "debt_mv": 52.3, "payout": 31.3, "div_years": 5, "rev_cagr3": -1.2, "np_cagr3": -13.7, "rev_yoy": -17.6, "np_yoy": -6.5, "np_vol": 21.1, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["药品批发", 22.0], ["化学合成药及制剂", 14.0], ["药品零售", 5.0]], "ret_prev_year": 4.0, "ret_prev2_year": -7.1, "ret_ytd": 0.8, "ret_pivot": 28.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.9, "ret_60": 17.1, "ret_120": -5.3, "ret_250": -10.5, "mdd_250": -27.7, "vol_250": 30.5, "pos_52w": 89.6}, "S": {"duration": 53, "pricing": 46, "hard": 56, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 30.6 倍、股息率 1.6%、毛利率近 5 年中位 25.7%、固定资产占比 35%、有息负债/EBITDA 5.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 35%),没有定价权:毛利率近 5 年中位 25.7%,稳定度 83%。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": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.7%(经营现金流/市值 6.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.7%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -6.4 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 35%,资本开支/折旧 1.23 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.6 倍 粗算,约 84%(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 -10%,最大回撤 -28%,年化波动 30%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 11% / 17% / -5%。", "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%。", "丰原药业:PE 比行业中位低 6.9倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 26.8个百分点;固定资产占比 比行业中位高 5.5个百分点。"]}}