{"F": {"ts_code": "002390.SZ", "name": "信邦制药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "中药Ⅱ", "sw3": "中药Ⅲ", "ind": "中药Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20100416", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.0, "pe_ttm": 51.7554, "pb": 0.8637, "dv_ttm": 2.9268, "total_mv": 583155.54, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.4, 20.9, 19.2, 19.0, 17.2, 17.6], "rev_series": [58.5, 64.7, 63.5, 64.6, 60.3, 56.2], "np_series": [1.7, 2.7, 2.2, 2.9, 1.0, 1.2], "roe_series": [3.6, 4.7, 3.3, 4.2, 1.5, 1.8], "period": "20260630", "rev_ttm": 52.4, "np_ttm": 1.1, "ocf_ttm": 9.1, "fcf_ttm": 8.6, "fcf_yield": 14.7, "ocf_yield": 15.5, "gm_median": 19.0, "gm_std": 1.3, "gm_stab": 0.93, "gm_chg_2022": -2.3, "npm_median": 4.2, "roe_median": 3.3, "commodity": false, "hard_ratio": 26.7, "fix_assets": 22.4, "goodwill_ratio": 7.1, "pb_calc": 0.86, "capex_dep": 0.27, "interest_debt": 4.1, "debt_ebitda": 1.0, "debt_ratio": 16.7, "debt_mv": 7.1, "payout": 120.0, "div_years": 5, "rev_cagr3": -4.0, "np_cagr3": -18.8, "rev_yoy": -13.3, "np_yoy": -7.1, "np_vol": 42.0, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 55.0], ["药品", 46.0], ["医疗服务", 16.0], ["器械", 4.0]], "ret_prev_year": -28.7, "ret_prev2_year": 4.7, "ret_ytd": -5.1, "ret_pivot": 7.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": 3.8, "ret_120": -9.4, "ret_250": -18.5, "mdd_250": -36.4, "vol_250": 34.4, "pos_52w": 73.3}, "S": {"duration": 73, "pricing": 48, "hard": 43, "bondness": 76}, "label": "中性", "tags": [], "text": {"像什么": ["PE 51.8 倍、股息率 2.9%、毛利率近 5 年中位 19.0%、固定资产占比 27%、有息负债/EBITDA 1.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 19.0%。", "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 14.7%(经营现金流/市值 15.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -2.3 个百分点。不能。"], ["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 0.27 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.8 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 -18%,最大回撤 -36%,年化波动 34%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 -1% / 4% / -9%。", "行业对照": ["同申万二级「中药Ⅱ」68 家中位:PE 23.1 / 股息率 2.8% / 毛利率 57.5% / 固定资产占比 23% / 分红率 64%。", "信邦制药:PE 比行业中位高 28.7倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 38.5个百分点;固定资产占比 比行业中位高 3.3个百分点。"]}}