{"F": {"ts_code": "000919.SZ", "name": "金陵药业", "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": "19991118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.56, "pe_ttm": 72.9015, "pb": 1.0834, "dv_ttm": 1.5244, "total_mv": 407982.5376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.4, 22.4, 19.8, 21.0, 18.5, 20.9], "rev_series": [25.0, 28.1, 26.7, 27.9, 32.8, 32.0], "np_series": [0.7, 1.2, 1.1, 1.0, 0.4, 0.5], "roe_series": [2.3, 4.2, 3.6, 3.3, 1.2, 1.4], "period": "20260630", "rev_ttm": 31.8, "np_ttm": 0.6, "ocf_ttm": 4.1, "fcf_ttm": 2.7, "fcf_yield": 6.7, "ocf_yield": 9.9, "gm_median": 20.9, "gm_std": 1.3, "gm_stab": 0.94, "gm_chg_2022": -2.6, "npm_median": 3.8, "roe_median": 3.3, "commodity": false, "hard_ratio": 23.4, "fix_assets": 14.1, "goodwill_ratio": 0.7, "pb_calc": 1.08, "capex_dep": 1.06, "interest_debt": 1.9, "debt_ebitda": 0.8, "debt_ratio": 19.6, "debt_mv": 4.7, "payout": 115.3, "div_years": 5, "rev_cagr3": 6.2, "np_cagr3": -20.0, "rev_yoy": -1.0, "np_yoy": 4.2, "np_vol": 49.2, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["医疗服务", 27.0], ["化学药品", 15.0], ["中药", 7.0]], "ret_prev_year": 23.0, "ret_prev2_year": -15.7, "ret_ytd": -16.4, "ret_pivot": 16.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": 10.4, "ret_120": -9.8, "ret_250": -8.4, "mdd_250": -34.4, "vol_250": 34.9, "pos_52w": 74.5}, "S": {"duration": 84, "pricing": 49, "hard": 37, "bondness": 60}, "label": "中性", "tags": [], "text": {"像什么": ["PE 72.9 倍、股息率 1.5%、毛利率近 5 年中位 20.9%、固定资产占比 23%、有息负债/EBITDA 0.8 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 23%,毛利率近 5 年中位 20.9%。", "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 6.7%(经营现金流/市值 9.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -2.6 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 23%,资本开支/折旧 1.06 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 72.9 倍 粗算,约 93%(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 -8%,最大回撤 -34%,年化波动 35%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 2% / 10% / -10%。", "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%。", "金陵药业:PE 比行业中位高 35.4倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 31.6个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}