{"F": {"ts_code": "002004.SZ", "name": "华邦健康", "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": "20040625", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.45, "pe_ttm": 13.6794, "pb": 0.8727, "dv_ttm": 10.0763, "total_mv": 881064.044, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.0, 38.5, 40.5, 39.1, 34.1, 36.9], "rev_series": [108.8, 123.6, 132.3, 115.9, 116.6, 115.1], "np_series": [6.5, 6.7, 4.3, 3.0, -3.0, 7.1], "roe_series": [6.9, 6.8, 4.3, 3.0, -3.1, 7.3], "period": "20260630", "rev_ttm": 114.8, "np_ttm": 6.4, "ocf_ttm": 22.1, "fcf_ttm": 16.0, "fcf_yield": 18.2, "ocf_yield": 25.1, "gm_median": 38.5, "gm_std": 2.2, "gm_stab": 0.94, "gm_chg_2022": -0.5, "npm_median": 7.5, "roe_median": 4.3, "commodity": false, "hard_ratio": 30.5, "fix_assets": 89.2, "goodwill_ratio": 6.8, "pb_calc": 0.87, "capex_dep": 0.66, "interest_debt": 76.4, "debt_ebitda": 2.9, "debt_ratio": 42.0, "debt_mv": 86.7, "payout": 134.3, "div_years": 4, "rev_cagr3": -4.5, "np_cagr3": 18.1, "rev_yoy": -0.6, "np_yoy": -17.8, "np_vol": 176.2, "loss_years": 1, "far_share": 63.0, "earn_yield": 7.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["农化新材料", 41.0], ["医药产品", 20.0], ["医药", 20.0], ["旅游服务", 7.0]], "ret_prev_year": 11.3, "ret_prev2_year": 2.0, "ret_ytd": -1.8, "ret_pivot": 26.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": 3.5, "ret_120": -17.3, "ret_250": -1.1, "mdd_250": -30.2, "vol_250": 31.2, "pos_52w": 79.0}, "S": {"duration": 29, "pricing": 59, "hard": 49, "bondness": 94}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 134%、股息率 10.1%、营收 3 年复合 -4.5%、有息负债/EBITDA 2.9 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 30%、毛利率 38.5% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 18.2%(经营现金流/市值 25.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.5 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 30%,资本开支/折旧 0.66 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.7 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -1%,最大回撤 -30%,年化波动 31%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 0% / 4% / -17%。", "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%。", "华邦健康:PE 比行业中位低 23.8倍;股息率 比行业中位高 8.9个百分点;毛利率 比行业中位低 14.0个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}