{"F": {"ts_code": "000739.SZ", "name": "普洛药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "19970509", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.35, "pe_ttm": 30.4601, "pb": 3.942, "dv_ttm": 2.5801, "total_mv": 2589121.446, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.0, 26.5, 23.9, 25.7, 23.8, 26.4], "rev_series": [78.8, 89.4, 105.4, 114.7, 120.2, 97.8], "np_series": [8.2, 9.6, 9.9, 10.6, 10.3, 8.9], "roe_series": [20.0, 20.2, 18.7, 18.0, 15.9, 13.6], "period": "20260630", "rev_ttm": 91.6, "np_ttm": 8.5, "ocf_ttm": 8.9, "fcf_ttm": 4.4, "fcf_yield": 1.7, "ocf_yield": 3.4, "gm_median": 25.7, "gm_std": 1.2, "gm_stab": 0.95, "gm_chg_2022": -4.1, "npm_median": 9.2, "roe_median": 18.0, "commodity": false, "hard_ratio": 27.7, "fix_assets": 33.6, "goodwill_ratio": 0.2, "pb_calc": 3.94, "capex_dep": 0.68, "interest_debt": 15.3, "debt_ebitda": 0.9, "debt_ratio": 45.7, "debt_mv": 5.9, "payout": 40.2, "div_years": 5, "rev_cagr3": -2.5, "np_cagr3": -3.4, "rev_yoy": -11.4, "np_yoy": -7.2, "np_vol": 10.1, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.3, "consensus_n": 17, "fwd_pe": 24.7, "fwd_pe2": 20.6, "fwd_g1": 23.0, "fwd_g2": 20.0, "peg": 1.23, "consensus_disp": null, "mainbz": [["原料药中间体", 37.0], ["原料药、中间体", 37.0], ["创新药研发生产服务", 18.0], ["药品", 7.0]], "ret_prev_year": 4.7, "ret_prev2_year": 8.4, "ret_ytd": 39.4, "ret_pivot": 69.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.5, "ret_60": 45.0, "ret_120": 25.8, "ret_250": 39.1, "mdd_250": -20.0, "vol_250": 39.6, "pos_52w": 95.5}, "S": {"duration": 53, "pricing": 51, "hard": 44, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 30.5 倍、股息率 2.6%、毛利率近 5 年中位 25.7%、固定资产占比 28%、有息负债/EBITDA 0.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 28%,毛利率近 5 年中位 25.7%。", "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 3.4%)。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 95%,2020→2022 成本通胀期毛利率变化 -4.1 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 28%,资本开支/折旧 0.68 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.5 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 39%,最大回撤 -20%,年化波动 40%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 -4% / 45% / 26%。", "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%。", "普洛药业:PE 比行业中位低 7.0倍;股息率 比行业中位高 1.4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 比行业中位低 2.1个百分点。"]}}