{"F": {"ts_code": "002437.SZ", "name": "誉衡药业", "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": "20100623", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.94, "pe_ttm": 21.8839, "pb": 3.5557, "dv_ttm": null, "total_mv": 878568.0314, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [74.0, 73.6, 76.9, 58.4, 53.5, 45.3], "rev_series": [30.5, 31.5, 31.1, 26.3, 24.4, 21.4], "np_series": [4.0, 0.5, -2.9, 1.2, 2.3, 3.8], "roe_series": [23.8, 2.4, -16.5, 7.3, 12.9, 17.8], "period": "20260630", "rev_ttm": 20.4, "np_ttm": 4.0, "ocf_ttm": 3.0, "fcf_ttm": 2.8, "fcf_yield": 3.2, "ocf_yield": 3.4, "gm_median": 58.4, "gm_std": 12.0, "gm_stab": 0.79, "gm_chg_2022": 2.8, "npm_median": 4.9, "roe_median": 7.3, "commodity": false, "hard_ratio": 29.0, "fix_assets": 9.5, "goodwill_ratio": 11.3, "pb_calc": 3.56, "capex_dep": 0.33, "interest_debt": 0.9, "debt_ebitda": 0.2, "debt_ratio": 23.7, "debt_mv": 1.0, "payout": null, "div_years": 0, "rev_cagr3": -11.8, "np_cagr3": null, "rev_yoy": -8.4, "np_yoy": 18.3, "np_vol": 328.6, "loss_years": 1, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["维生素类药物", 24.0], ["心脑血管药物", 11.0], ["骨科药物", 6.0]], "ret_prev_year": 23.3, "ret_prev2_year": -0.8, "ret_ytd": 28.3, "ret_pivot": 114.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 26.3, "ret_60": 48.1, "ret_120": 16.6, "ret_250": 9.4, "mdd_250": -37.9, "vol_250": 52.1, "pos_52w": 79.1}, "S": {"duration": 42, "pricing": 66, "hard": 46, "bondness": 21}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.9 倍、股息率 —、毛利率近 5 年中位 58.4%、固定资产占比 29%、有息负债/EBITDA 0.2 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 29%,毛利率近 5 年中位 58.4%。", "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 3.2%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.4%,稳定度 79%,2020→2022 成本通胀期毛利率变化 2.8 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 29%,资本开支/折旧 0.33 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.9 倍 粗算,约 77%(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 -38%,年化波动 52%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 26% / 48% / 17%。", "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%。", "誉衡药业:PE 比行业中位低 15.6倍;股息率 ;毛利率 比行业中位高 5.9个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}