{"F": {"ts_code": "000534.SZ", "name": "万泽股份", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "主板", "list_date": "19940110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.92, "pe_ttm": 62.5542, "pb": 6.7904, "dv_ttm": null, "total_mv": 1269794.862, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [85.0, 79.4, 76.8, 74.2, 75.0, 71.7], "rev_series": [5.5, 6.6, 7.9, 9.8, 10.8, 12.9], "np_series": [0.8, 1.0, 1.0, 1.8, 1.9, 2.0], "roe_series": [7.9, 9.2, 9.0, 14.7, 15.0, 13.3], "period": "20260630", "rev_ttm": 13.3, "np_ttm": 2.0, "ocf_ttm": 0.7, "fcf_ttm": -3.2, "fcf_yield": -2.5, "ocf_yield": 0.6, "gm_median": 75.0, "gm_std": 2.6, "gm_stab": 0.97, "gm_chg_2022": -8.2, "npm_median": 13.5, "roe_median": 13.3, "commodity": false, "hard_ratio": 43.4, "fix_assets": 22.7, "goodwill_ratio": 0.0, "pb_calc": 6.79, "capex_dep": 5.7, "interest_debt": 21.5, "debt_ebitda": 5.7, "debt_ratio": 57.7, "debt_mv": 17.0, "payout": 23.1, "div_years": 4, "rev_cagr3": 17.6, "np_cagr3": 24.7, "rev_yoy": 6.6, "np_yoy": 5.0, "np_vol": 26.2, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 8, "fwd_pe": 40.3, "fwd_pe2": 27.8, "fwd_g1": 55.0, "fwd_g2": 45.0, "peg": 0.9, "consensus_disp": null, "mainbz": [["金双歧", 44.0], ["高温合金材料销售", 30.0], ["定君生", 23.0], ["其他业务", 2.0]], "ret_prev_year": 71.6, "ret_prev2_year": -0.8, "ret_ytd": 13.3, "ret_pivot": 171.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.8, "ret_60": -15.3, "ret_120": -38.6, "ret_250": 46.1, "mdd_250": -52.6, "vol_250": 71.8, "pos_52w": 52.3}, "S": {"duration": 79, "pricing": 75, "hard": 69, "bondness": 25}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 62.6 倍、股息率 —、毛利率近 5 年中位 75.0%、固定资产占比 43%、有息负债/EBITDA 5.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 43%、毛利率 75.0% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -2.5%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 75.0%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -8.2 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 43%,资本开支/折旧 5.70 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 62.6 倍 粗算,约 92%(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 46%,最大回撤 -53%,年化波动 72%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -11% / -15% / -39%。", "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%。", "万泽股份:PE 比行业中位高 30.5倍;股息率 ;毛利率 比行业中位低 0.7个百分点;固定资产占比 比行业中位高 21.3个百分点。"]}}