{"F": {"ts_code": "002019.SZ", "name": "亿帆医药", "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": "20040713", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.65, "pe_ttm": 38.6894, "pb": 1.3268, "dv_ttm": 1.0363, "total_mv": 1173816.4465, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.5, 41.5, 48.6, 47.8, 47.4, 46.9], "rev_series": [54.0, 44.1, 38.4, 40.7, 51.6, 51.3], "np_series": [9.7, 2.8, 1.9, -5.5, 3.9, 4.0], "roe_series": [12.2, 3.3, 2.2, -6.5, 4.6, 4.6], "period": "20260630", "rev_ttm": 49.7, "np_ttm": 3.0, "ocf_ttm": 7.7, "fcf_ttm": 0.8, "fcf_yield": 0.7, "ocf_yield": 6.5, "gm_median": 47.4, "gm_std": 2.6, "gm_stab": 0.95, "gm_chg_2022": 2.2, "npm_median": 5.5, "roe_median": 3.3, "commodity": false, "hard_ratio": 21.3, "fix_assets": 27.5, "goodwill_ratio": 21.2, "pb_calc": 1.33, "capex_dep": 5.76, "interest_debt": 24.7, "debt_ebitda": 3.1, "debt_ratio": 32.6, "debt_mv": 21.0, "payout": 46.4, "div_years": 2, "rev_cagr3": 10.2, "np_cagr3": 28.1, "rev_yoy": -6.4, "np_yoy": -32.5, "np_vol": 182.0, "loss_years": 1, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 5, "fwd_pe": 25.9, "fwd_pe2": 20.9, "fwd_g1": 49.0, "fwd_g2": 24.0, "peg": 1.08, "consensus_disp": null, "mainbz": [["产品", 36.0], ["医药自有产品（含进口）", 27.0], ["医药自有产品(含进口)", 27.0], ["维生素", 5.0]], "ret_prev_year": 12.7, "ret_prev2_year": -27.3, "ret_ytd": -18.6, "ret_pivot": -1.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -2.2, "ret_120": -32.8, "ret_250": -40.4, "mdd_250": -41.7, "vol_250": 34.2, "pos_52w": 60.2}, "S": {"duration": 62, "pricing": 66, "hard": 34, "bondness": 42}, "label": "中性", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["PE 38.7 倍、股息率 1.0%、毛利率近 5 年中位 47.4%、固定资产占比 21%、有息负债/EBITDA 3.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 47.4%),硬资产占比 21%。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": "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 0.7%(经营现金流/市值 6.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.4%,稳定度 95%,2020→2022 成本通胀期毛利率变化 2.2 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 21%,资本开支/折旧 5.76 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.7 倍 粗算,约 87%(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 -40%,最大回撤 -42%,年化波动 34%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -7% / -2% / -33%。", "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%。", "亿帆医药:PE 比行业中位高 1.2倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 5.1个百分点;固定资产占比 比行业中位低 8.5个百分点。"]}}