{"F": {"ts_code": "002262.SZ", "name": "恩华药业", "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": "20080723", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.56, "pe_ttm": 20.822, "pb": 2.7233, "dv_ttm": 1.778, "total_mv": 2285263.4784, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [75.5, 77.2, 76.3, 72.8, 73.6, 72.1], "rev_series": [33.6, 39.4, 43.0, 50.4, 57.0, 59.1], "np_series": [7.3, 8.0, 9.0, 10.4, 11.4, 10.6], "roe_series": [18.8, 17.6, 17.1, 17.2, 16.7, 13.8], "period": "20260630", "rev_ttm": 61.2, "np_ttm": 11.0, "ocf_ttm": 8.6, "fcf_ttm": 4.2, "fcf_yield": 1.8, "ocf_yield": 3.8, "gm_median": 73.6, "gm_std": 2.0, "gm_stab": 0.97, "gm_chg_2022": 0.7, "npm_median": 20.3, "roe_median": 17.1, "commodity": false, "hard_ratio": 16.4, "fix_assets": 15.6, "goodwill_ratio": 0.0, "pb_calc": 2.72, "capex_dep": 2.9, "interest_debt": 0.7, "debt_ebitda": 0.0, "debt_ratio": 12.3, "debt_mv": 0.3, "payout": 31.9, "div_years": 5, "rev_cagr3": 11.2, "np_cagr3": 5.5, "rev_yoy": 6.9, "np_yoy": 5.7, "np_vol": 8.0, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "consensus_n": 11, "fwd_pe": 19.3, "fwd_pe2": 16.9, "fwd_g1": 8.0, "fwd_g2": 14.0, "peg": 1.38, "consensus_disp": null, "mainbz": [["麻醉类", 52.0], ["精神类", 20.0], ["商业医药", 14.0], ["神经类", 7.0]], "ret_prev_year": 0.6, "ret_prev2_year": -9.4, "ret_ytd": -4.9, "ret_pivot": -2.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": 18.9, "ret_120": 1.8, "ret_250": -8.5, "mdd_250": -36.1, "vol_250": 30.5, "pos_52w": 79.1}, "S": {"duration": 41, "pricing": 79, "hard": 26, "bondness": 31}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 20.8 倍、股息率 1.8%、毛利率近 5 年中位 73.6%、固定资产占比 16%、有息负债/EBITDA 0.0 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 73.6%),硬资产占比 16%。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 1.8%(经营现金流/市值 3.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 73.6%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.7 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 16%,资本开支/折旧 2.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.8 倍 粗算,约 76%(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 -36%,年化波动 30%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 3% / 19% / 2%。", "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%。", "恩华药业:PE 比行业中位低 16.7倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 21.1个百分点;固定资产占比 比行业中位低 13.4个百分点。"]}}