{"F": {"ts_code": "002675.SZ", "name": "东诚药业", "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": "20120525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.74, "pe_ttm": 52.3392, "pb": 2.3886, "dv_ttm": 0.6279, "total_mv": 1050534.9218, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.7, 41.0, 42.9, 44.9, 47.1, 51.0], "rev_series": [34.2, 39.1, 35.8, 32.8, 28.7, 27.4], "np_series": [4.2, 1.5, 3.1, 2.1, 1.8, 2.0], "roe_series": [9.5, 3.4, 6.7, 4.4, 4.0, 4.4], "period": "20260630", "rev_ttm": 26.7, "np_ttm": 2.0, "ocf_ttm": 3.7, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 3.6, "gm_median": 44.9, "gm_std": 3.5, "gm_stab": 0.92, "gm_chg_2022": -6.8, "npm_median": 6.7, "roe_median": 4.4, "commodity": false, "hard_ratio": 27.2, "fix_assets": 25.1, "goodwill_ratio": 26.9, "pb_calc": 2.39, "capex_dep": 2.28, "interest_debt": 13.2, "debt_ebitda": 2.1, "debt_ratio": 42.1, "debt_mv": 12.5, "payout": 35.9, "div_years": 5, "rev_cagr3": -8.5, "np_cagr3": -14.0, "rev_yoy": -5.4, "np_yoy": 5.7, "np_vol": 56.2, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 8, "fwd_pe": 39.5, "fwd_pe2": 31.5, "fwd_g1": 32.0, "fwd_g2": 26.0, "peg": 1.52, "consensus_disp": null, "mainbz": [["核药产品", 28.0], ["核素药物", 28.0], ["原料药相关产品", 24.0], ["制剂产品", 7.0]], "ret_prev_year": 12.8, "ret_prev2_year": -32.9, "ret_ytd": -6.7, "ret_pivot": 10.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.2, "ret_60": 3.5, "ret_120": -3.4, "ret_250": -27.3, "mdd_250": -30.2, "vol_250": 29.8, "pos_52w": 73.1}, "S": {"duration": 73, "pricing": 58, "hard": 44, "bondness": 43}, "label": "中性", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["PE 52.3 倍、股息率 0.6%、毛利率近 5 年中位 44.9%、固定资产占比 27%、有息负债/EBITDA 2.1 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 44.9%),硬资产占比 27%。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 -0.0%(经营现金流/市值 3.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -6.8 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 27%,资本开支/折旧 2.28 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.3 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 -27%,最大回撤 -30%,年化波动 30%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 -3% / 4% / -3%。", "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%。", "东诚药业:PE 比行业中位高 14.8倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 7.6个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}