{"F": {"ts_code": "001367.SZ", "name": "海森药业", "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": "20230410", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.39, "pe_ttm": 22.0595, "pb": 2.007, "dv_ttm": 0.5689, "total_mv": 310644.0968, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.3, 40.0, 37.4, 41.1, 41.5, 45.6], "rev_series": [2.8, 3.9, 4.2, 4.0, 4.7, 5.3], "np_series": [0.6, 0.9, 1.1, 1.0, 1.2, 1.4], "roe_series": [23.0, 29.4, 25.9, 12.2, 9.5, 9.6], "period": "20260630", "rev_ttm": 5.4, "np_ttm": 1.4, "ocf_ttm": 1.8, "fcf_ttm": 1.3, "fcf_yield": 4.1, "ocf_yield": 5.7, "gm_median": 41.1, "gm_std": 2.7, "gm_stab": 0.94, "gm_chg_2022": -2.0, "npm_median": 25.5, "roe_median": 12.2, "commodity": false, "hard_ratio": 14.1, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 2.01, "capex_dep": 2.29, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 6.9, "debt_mv": 0.2, "payout": 13.9, "div_years": 3, "rev_cagr3": 8.0, "np_cagr3": 8.1, "rev_yoy": 3.6, "np_yoy": 8.1, "np_vol": 17.3, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["原料药业务", 46.0], ["原料药", 46.0], ["中间体业务", 3.0], ["中间体", 3.0]], "ret_prev_year": 20.1, "ret_prev2_year": -7.3, "ret_ytd": -6.6, "ret_pivot": 25.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.2, "ret_60": 4.7, "ret_120": -10.5, "ret_250": -22.9, "mdd_250": -37.8, "vol_250": 35.9, "pos_52w": 74.7}, "S": {"duration": 42, "pricing": 59, "hard": 23, "bondness": 20}, "label": "轻资产现金牛", "tags": ["资本开支扩张期"], "text": {"像什么": ["固定资产占比 14%,毛利率近 5 年中位 41.1%,自由现金流/市值 4.1%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 41.1%),硬资产占比 14%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.1%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -2.0 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 14%,资本开支/折旧 2.29 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.1 倍 粗算,约 77%(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 -23%,最大回撤 -38%,年化波动 36%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 9% / 5% / -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%。", "海森药业:PE 比行业中位低 15.4倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 11.4个百分点;固定资产占比 比行业中位低 15.7个百分点。"]}}