{"F": {"ts_code": "002294.SZ", "name": "信立泰", "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": "20090910", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.42, "pe_ttm": 52.0068, "pb": 4.0888, "dv_ttm": 1.7505, "total_mv": 3502753.443, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [69.0, 74.1, 71.5, 68.6, 72.6, 74.8], "rev_series": [27.4, 30.6, 34.8, 33.7, 40.1, 43.5], "np_series": [0.6, 5.3, 6.4, 5.8, 6.0, 6.5], "roe_series": [1.0, 7.9, 8.0, 7.3, 7.2, 7.4], "period": "20260630", "rev_ttm": 47.0, "np_ttm": 6.7, "ocf_ttm": 10.9, "fcf_ttm": 0.9, "fcf_yield": 0.2, "ocf_yield": 3.1, "gm_median": 72.6, "gm_std": 2.2, "gm_stab": 0.97, "gm_chg_2022": 2.4, "npm_median": 17.3, "roe_median": 7.4, "commodity": false, "hard_ratio": 13.9, "fix_assets": 15.4, "goodwill_ratio": 2.0, "pb_calc": 4.09, "capex_dep": 7.87, "interest_debt": 8.8, "debt_ebitda": 0.7, "debt_ratio": 21.5, "debt_mv": 2.5, "payout": 94.8, "div_years": 5, "rev_cagr3": 7.7, "np_cagr3": 0.8, "rev_yoy": 16.3, "np_yoy": 6.0, "np_vol": 308.7, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 12, "fwd_pe": 44.4, "fwd_pe2": 35.7, "fwd_g1": 17.0, "fwd_g2": 24.0, "peg": 1.85, "consensus_disp": null, "mainbz": [["产品", 48.0], ["创新药", 24.0], ["其他药物", 19.0], ["器械", 4.0]], "ret_prev_year": 64.0, "ret_prev2_year": -4.0, "ret_ytd": -35.9, "ret_pivot": 4.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.8, "ret_60": 0.9, "ret_120": -39.4, "ret_250": -40.2, "mdd_250": -55.5, "vol_250": 55.0, "pos_52w": 46.4}, "S": {"duration": 73, "pricing": 80, "hard": 22, "bondness": 58}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 52.0 倍、股息率 1.8%、毛利率近 5 年中位 72.6%、固定资产占比 14%、有息负债/EBITDA 0.7 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 72.6%),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": "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 0.2%(经营现金流/市值 3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 72.6%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.4 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 14%,资本开支/折旧 7.87 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.0 倍 粗算,约 90%(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 -56%,年化波动 55%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -13% / 1% / -39%。", "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%。", "信立泰:PE 比行业中位高 14.5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 20.1个百分点;固定资产占比 比行业中位低 15.9个百分点。"]}}