{"F": {"ts_code": "002422.SZ", "name": "科伦药业", "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": "20100603", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 41.92, "pe_ttm": 36.4586, "pb": 2.7089, "dv_ttm": 1.4167, "total_mv": 6668554.7904, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.2, 55.7, 52.6, 52.4, 51.7, 47.8], "rev_series": [164.6, 172.8, 189.1, 214.5, 218.1, 185.1], "np_series": [8.3, 11.0, 17.1, 24.6, 29.4, 17.0], "roe_series": [6.2, 8.1, 11.5, 13.9, 13.9, 7.3], "period": "20260630", "rev_ttm": 182.7, "np_ttm": 18.3, "ocf_ttm": 37.9, "fcf_ttm": 22.6, "fcf_yield": 3.4, "ocf_yield": 5.7, "gm_median": 52.4, "gm_std": 2.5, "gm_stab": 0.95, "gm_chg_2022": -1.6, "npm_median": 10.1, "roe_median": 11.5, "commodity": false, "hard_ratio": 29.8, "fix_assets": 123.6, "goodwill_ratio": 0.2, "pb_calc": 2.71, "capex_dep": 1.25, "interest_debt": 44.2, "debt_ebitda": 1.4, "debt_ratio": 28.1, "debt_mv": 6.6, "payout": 47.3, "div_years": 5, "rev_cagr3": -0.7, "np_cagr3": -0.1, "rev_yoy": -2.7, "np_yoy": 12.7, "np_vol": 34.1, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["非输液", 26.0], ["输液", 20.0], ["研发项目", 2.0]], "ret_prev_year": 0.2, "ret_prev2_year": 7.2, "ret_ytd": 45.1, "ret_pivot": 69.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.7, "ret_60": 10.1, "ret_120": 30.5, "ret_250": 8.9, "mdd_250": -29.3, "vol_250": 47.4, "pos_52w": 81.6}, "S": {"duration": 60, "pricing": 66, "hard": 48, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.5 倍、股息率 1.4%、毛利率近 5 年中位 52.4%、固定资产占比 30%、有息负债/EBITDA 1.4 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 52.4%),硬资产占比 30%。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 3.4%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.4%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -1.6 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 30%,资本开支/折旧 1.25 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.5 倍 粗算,约 86%(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 9%,最大回撤 -29%,年化波动 47%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -8% / 10% / 30%。", "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%。", "科伦药业:PE 比行业中位低 1.0倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 0.1个百分点;固定资产占比 与行业中位持平。"]}}