{"F": {"ts_code": "000597.SZ", "name": "东北制药", "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": "19960523", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.78, "pe_ttm": 31.7602, "pb": 1.2326, "dv_ttm": 1.1506, "total_mv": 682071.6796, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.2, 39.5, 39.0, 40.7, 38.7, 37.3], "rev_series": [73.8, 81.5, 88.1, 82.4, 75.0, 70.7], "np_series": [0.1, 1.0, 3.5, 3.6, 4.1, 2.6], "roe_series": [0.3, 2.4, 8.0, 7.5, 8.0, 4.8], "period": "20260630", "rev_ttm": 65.6, "np_ttm": 2.1, "ocf_ttm": 9.3, "fcf_ttm": 8.5, "fcf_yield": 12.4, "ocf_yield": 13.6, "gm_median": 39.0, "gm_std": 1.1, "gm_stab": 0.97, "gm_chg_2022": -0.2, "npm_median": 4.1, "roe_median": 7.5, "commodity": false, "hard_ratio": 24.9, "fix_assets": 33.9, "goodwill_ratio": 1.1, "pb_calc": 1.23, "capex_dep": 0.18, "interest_debt": 18.8, "debt_ebitda": 2.4, "debt_ratio": 58.4, "debt_mv": 27.5, "payout": 34.5, "div_years": 5, "rev_cagr3": -7.0, "np_cagr3": -9.4, "rev_yoy": -13.5, "np_yoy": -35.1, "np_vol": 279.2, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["其他主营业务", 19.0], ["其他(含其他业务收入)", 19.0], ["制剂销售", 11.0]], "ret_prev_year": 1.0, "ret_prev2_year": 0.4, "ret_ytd": -7.5, "ret_pivot": 19.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.8, "ret_60": 8.0, "ret_120": -9.0, "ret_250": -17.1, "mdd_250": -27.6, "vol_250": 28.1, "pos_52w": 82.3}, "S": {"duration": 55, "pricing": 61, "hard": 40, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.8 倍、股息率 1.2%、毛利率近 5 年中位 39.0%、固定资产占比 25%、有息负债/EBITDA 2.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 39.0%),硬资产占比 25%。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": "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 12.4%(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 39.0%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -0.2 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 25%,资本开支/折旧 0.18 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.8 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 -17%,最大回撤 -28%,年化波动 28%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 1% / 8% / -9%。", "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%。", "东北制药:PE 比行业中位低 5.7倍;股息率 与行业中位持平;毛利率 比行业中位低 13.5个百分点;固定资产占比 比行业中位低 4.9个百分点。"]}}