{"F": {"ts_code": "002332.SZ", "name": "仙琚制药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20100112", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.68, "pe_ttm": 22.2486, "pb": 1.44, "dv_ttm": 3.4562, "total_mv": 858629.8532, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.6, 58.2, 58.2, 52.9, 57.5, 61.2], "rev_series": [40.2, 43.4, 43.8, 41.2, 40.0, 37.6], "np_series": [5.0, 6.2, 7.5, 5.6, 4.0, 4.5], "roe_series": [13.7, 13.3, 14.6, 10.0, 6.8, 7.6], "period": "20260630", "rev_ttm": 38.5, "np_ttm": 3.9, "ocf_ttm": 6.1, "fcf_ttm": 4.5, "fcf_yield": 5.3, "ocf_yield": 7.1, "gm_median": 58.2, "gm_std": 2.7, "gm_stab": 0.95, "gm_chg_2022": 2.5, "npm_median": 13.6, "roe_median": 10.0, "commodity": false, "hard_ratio": 39.4, "fix_assets": 27.9, "goodwill_ratio": 8.5, "pb_calc": 1.44, "capex_dep": 0.79, "interest_debt": 1.6, "debt_ebitda": 0.2, "debt_ratio": 15.2, "debt_mv": 1.8, "payout": 66.7, "div_years": 5, "rev_cagr3": -5.0, "np_cagr3": -15.7, "rev_yoy": 4.8, "np_yoy": -20.7, "np_vol": 22.8, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "consensus_n": 4, "fwd_pe": 18.1, "fwd_pe2": 15.7, "fwd_g1": 23.0, "fwd_g2": 15.0, "peg": 1.21, "consensus_disp": null, "mainbz": [["产品", 48.0], ["皮质激素", 32.0], ["妇科及计生用药", 9.0], ["其他", 4.0]], "ret_prev_year": -5.7, "ret_prev2_year": -21.3, "ret_ytd": -1.5, "ret_pivot": -20.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 2.1, "ret_120": -2.3, "ret_250": -21.9, "mdd_250": -28.4, "vol_250": 20.4, "pos_52w": 77.5}, "S": {"duration": 43, "pricing": 72, "hard": 63, "bondness": 65}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 67%、股息率 3.5%、营收 3 年复合 -5.0%、有息负债/EBITDA 0.2 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 39%、毛利率 58.2% 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 5.3%(经营现金流/市值 7.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 2.5 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 39%,资本开支/折旧 0.79 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.2 倍 粗算,约 78%(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 -22%,最大回撤 -28%,年化波动 20%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 2% / 2% / -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%。", "仙琚制药:PE 比行业中位低 15.3倍;股息率 比行业中位高 2.3个百分点;毛利率 比行业中位高 5.7个百分点;固定资产占比 比行业中位高 9.6个百分点。"]}}