{"F": {"ts_code": "002550.SZ", "name": "千红制药", "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": "20110218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.56, "pe_ttm": 28.5978, "pb": 3.066, "dv_ttm": 2.2544, "total_mv": 839548.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.6, 44.5, 38.6, 43.3, 54.9, 58.4], "rev_series": [16.7, 18.7, 23.0, 18.1, 15.3, 15.7], "np_series": [-1.3, 1.8, 3.2, 1.8, 3.6, 4.0], "roe_series": [-6.0, 8.6, 14.1, 7.4, 14.3, 15.1], "period": "20260630", "rev_ttm": 14.7, "np_ttm": 2.9, "ocf_ttm": 3.9, "fcf_ttm": 2.3, "fcf_yield": 2.8, "ocf_yield": 4.7, "gm_median": 44.5, "gm_std": 7.5, "gm_stab": 0.83, "gm_chg_2022": -9.0, "npm_median": 13.9, "roe_median": 14.1, "commodity": false, "hard_ratio": 22.1, "fix_assets": 6.9, "goodwill_ratio": 0.4, "pb_calc": 3.07, "capex_dep": 2.43, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 12.8, "debt_mv": 0.4, "payout": 46.9, "div_years": 5, "rev_cagr3": -12.0, "np_cagr3": 7.2, "rev_yoy": -12.0, "np_yoy": -40.8, "np_vol": 94.7, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 2, "fwd_pe": 20.5, "fwd_pe2": 16.6, "fwd_g1": 40.0, "fwd_g2": 23.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["制剂药品系列", 36.0], ["制剂系列", 36.0], ["原料药系列", 9.0], ["原料药", 9.0]], "ret_prev_year": 30.0, "ret_prev2_year": 8.0, "ret_ytd": -14.9, "ret_pivot": 40.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": 12.3, "ret_120": -10.9, "ret_250": -40.3, "mdd_250": -45.3, "vol_250": 33.9, "pos_52w": 62.1}, "S": {"duration": 51, "pricing": 55, "hard": 35, "bondness": 50}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 28.6 倍、股息率 2.3%、毛利率近 5 年中位 44.5%、固定资产占比 22%、有息负债/EBITDA 0.1 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 22%,毛利率近 5 年中位 44.5%。", "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 2.8%(经营现金流/市值 4.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.5%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -9.0 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 22%,资本开支/折旧 2.43 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.6 倍 粗算,约 83%(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 -45%,年化波动 34%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -7% / 12% / -11%。", "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%。", "千红制药:PE 比行业中位低 8.9倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位低 8.0个百分点;固定资产占比 比行业中位低 7.7个百分点。"]}}