{"F": {"ts_code": "002020.SZ", "name": "京新药业", "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": "20040715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.68, "pe_ttm": 15.1275, "pb": 1.8195, "dv_ttm": 2.6315, "total_mv": 1091784.8988, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.9, 55.9, 53.3, 50.6, 50.0, 50.1], "rev_series": [32.6, 33.4, 37.8, 40.0, 41.6, 40.7], "np_series": [6.5, 6.1, 6.6, 6.2, 7.1, 7.6], "roe_series": [17.2, 14.1, 13.3, 11.6, 12.4, 12.8], "period": "20260630", "rev_ttm": 40.4, "np_ttm": 7.2, "ocf_ttm": 8.7, "fcf_ttm": 6.6, "fcf_yield": 6.0, "ocf_yield": 7.9, "gm_median": 50.6, "gm_std": 2.3, "gm_stab": 0.95, "gm_chg_2022": -7.6, "npm_median": 17.7, "roe_median": 12.8, "commodity": false, "hard_ratio": 27.0, "fix_assets": 21.5, "goodwill_ratio": 4.0, "pb_calc": 1.82, "capex_dep": 0.9, "interest_debt": 2.1, "debt_ebitda": 0.2, "debt_ratio": 24.1, "debt_mv": 1.9, "payout": 41.7, "div_years": 5, "rev_cagr3": 2.5, "np_cagr3": 4.6, "rev_yoy": -1.5, "np_yoy": -9.3, "np_vol": 8.4, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 8, "fwd_pe": 13.4, "fwd_pe2": 11.5, "fwd_g1": 13.0, "fwd_g2": 16.0, "peg": 0.84, "consensus_disp": null, "mainbz": [["产品", 36.0], ["医药制造", 28.0], ["成品药", 21.0], ["原料药", 8.0]], "ret_prev_year": 54.0, "ret_prev2_year": 3.2, "ret_ytd": -31.9, "ret_pivot": 28.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.8, "ret_60": 3.1, "ret_120": -19.4, "ret_250": -35.1, "mdd_250": -44.6, "vol_250": 43.0, "pos_52w": 59.6}, "S": {"duration": 31, "pricing": 62, "hard": 43, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.1 倍、股息率 2.6%、毛利率近 5 年中位 50.6%、固定资产占比 27%、有息负债/EBITDA 0.2 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 50.6%),硬资产占比 27%。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 6.0%(经营现金流/市值 7.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.6%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -7.6 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 27%,资本开支/折旧 0.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -35%,最大回撤 -45%,年化波动 43%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -12% / 3% / -19%。", "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%。", "京新药业:PE 比行业中位低 22.4倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 1.9个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}