{"F": {"ts_code": "000513.SZ", "name": "丽珠集团", "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": "19931028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.77, "pe_ttm": 14.196, "pb": 1.7784, "dv_ttm": 5.3418, "total_mv": 2376927.5744, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.1, 64.7, 64.7, 64.1, 65.5, 65.9], "rev_series": [105.2, 120.6, 126.3, 124.3, 118.1, 120.2], "np_series": [17.1, 17.8, 19.1, 19.5, 20.6, 20.2], "roe_series": [14.7, 14.1, 14.2, 14.0, 14.8, 14.6], "period": "20260630", "rev_ttm": 107.5, "np_ttm": 16.7, "ocf_ttm": 32.2, "fcf_ttm": 28.3, "fcf_yield": 11.9, "ocf_yield": 13.6, "gm_median": 64.7, "gm_std": 0.6, "gm_stab": 0.99, "gm_chg_2022": -0.4, "npm_median": 16.2, "roe_median": 14.2, "commodity": false, "hard_ratio": 18.9, "fix_assets": 44.5, "goodwill_ratio": 4.6, "pb_calc": 1.78, "capex_dep": 0.76, "interest_debt": 34.6, "debt_ebitda": 1.2, "debt_ratio": 38.1, "debt_mv": 14.5, "payout": 63.0, "div_years": 5, "rev_cagr3": -1.6, "np_cagr3": 1.9, "rev_yoy": -20.3, "np_yoy": -27.2, "np_vol": 3.2, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.0, "consensus_n": 8, "fwd_pe": 11.5, "fwd_pe2": 10.3, "fwd_g1": 23.0, "fwd_g2": 12.0, "peg": 0.96, "consensus_disp": null, "mainbz": [["原料药及中间体产品", 18.0], ["原料药及中间体", 18.0], ["化学制剂：促性激素", 13.0], ["促性激素产品", 13.0]], "ret_prev_year": -6.9, "ret_prev2_year": 13.9, "ret_ytd": -19.0, "ret_pivot": -18.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.7, "ret_60": -10.6, "ret_120": -19.6, "ret_250": -33.4, "mdd_250": -36.6, "vol_250": 24.2, "pos_52w": 65.3}, "S": {"duration": 30, "pricing": 74, "hard": 30, "bondness": 76}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 63%、股息率 5.3%、营收 3 年复合 -1.6%、有息负债/EBITDA 1.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 64.7%),硬资产占比 19%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 11.9%(经营现金流/市值 13.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.7%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.4 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 19%,资本开支/折旧 0.76 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.2 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -33%,最大回撤 -37%,年化波动 24%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -13% / -11% / -20%。", "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%。", "丽珠集团:PE 比行业中位低 23.3倍;股息率 比行业中位高 4.1个百分点;毛利率 比行业中位高 12.2个百分点;固定资产占比 比行业中位低 10.9个百分点。"]}}