{"F": {"ts_code": "000915.SZ", "name": "华特达因", "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": "19990609", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.39, "pe_ttm": 14.1313, "pb": 2.2746, "dv_ttm": 9.8464, "total_mv": 594967.6785, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.8, 68.9, 78.6, 86.4, 83.8, 85.1], "rev_series": [18.2, 20.3, 23.4, 24.8, 21.3, 22.3], "np_series": [2.9, 3.8, 5.3, 5.9, 5.2, 5.4], "roe_series": [15.8, 18.1, 21.8, 21.0, 17.5, 18.5], "period": "20260630", "rev_ttm": 19.1, "np_ttm": 4.2, "ocf_ttm": 5.2, "fcf_ttm": 5.0, "fcf_yield": 8.4, "ocf_yield": 8.7, "gm_median": 83.8, "gm_std": 6.4, "gm_stab": 0.92, "gm_chg_2022": 17.7, "npm_median": 45.4, "roe_median": 18.5, "commodity": false, "hard_ratio": 18.7, "fix_assets": 7.8, "goodwill_ratio": 0.6, "pb_calc": 2.27, "capex_dep": 0.28, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 8.8, "debt_mv": null, "payout": 109.6, "div_years": 5, "rev_cagr3": -1.6, "np_cagr3": 0.5, "rev_yoy": -27.5, "np_yoy": -33.8, "np_vol": 18.3, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.1, "consensus_n": 1, "fwd_pe": 10.5, "fwd_pe2": 9.6, "fwd_g1": 35.0, "fwd_g2": 9.0, "peg": 1.17, "consensus_disp": null, "mainbz": [["药品", 49.0], ["医药产品分部", 49.0], ["其他主营业务", 1.0], ["其他分部", 1.0]], "ret_prev_year": 31.1, "ret_prev2_year": 7.8, "ret_ytd": -18.2, "ret_pivot": 26.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.7, "ret_60": 0.6, "ret_120": -18.4, "ret_250": -20.7, "mdd_250": -29.5, "vol_250": 24.4, "pos_52w": 75.6}, "S": {"duration": 30, "pricing": 85, "hard": 30, "bondness": 88}, "label": "定价权·品牌", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 19%)但有定价权:毛利率近 5 年中位 83.8%,稳定度 92%、ROE 近 5 年中位 18.5%。", "自由现金流/市值 8.4%,分红率 110%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 83.8%),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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.4%(经营现金流/市值 8.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 83.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 17.7 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 0.28 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.1 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,最大回撤 -30%,年化波动 24%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -2% / 1% / -18%。", "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%。", "华特达因:PE 比行业中位低 23.4倍;股息率 比行业中位高 8.6个百分点;毛利率 比行业中位高 31.3个百分点;固定资产占比 比行业中位低 11.1个百分点。"]}}