{"F": {"ts_code": "003020.SZ", "name": "立方制药", "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": "20201215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.71, "pe_ttm": 24.7697, "pb": 2.1965, "dv_ttm": 2.3527, "total_mv": 404175.3177, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.4, 39.9, 37.4, 51.5, 69.2, 64.6], "rev_series": [18.9, 22.7, 25.8, 19.0, 15.2, 15.5], "np_series": [1.4, 1.7, 2.1, 2.3, 1.6, 1.7], "roe_series": [15.3, 13.9, 15.1, 14.3, 9.4, 9.3], "period": "20260630", "rev_ttm": 15.1, "np_ttm": 1.6, "ocf_ttm": 2.8, "fcf_ttm": 1.6, "fcf_yield": 4.0, "ocf_yield": 6.9, "gm_median": 51.5, "gm_std": 12.7, "gm_stab": 0.75, "gm_chg_2022": 3.9, "npm_median": 10.0, "roe_median": 13.9, "commodity": false, "hard_ratio": 37.1, "fix_assets": 9.7, "goodwill_ratio": 2.8, "pb_calc": 2.2, "capex_dep": 1.48, "interest_debt": 0.9, "debt_ebitda": 0.3, "debt_ratio": 24.3, "debt_mv": 2.3, "payout": 57.5, "div_years": 5, "rev_cagr3": -15.5, "np_cagr3": -7.6, "rev_yoy": -6.6, "np_yoy": -2.2, "np_vol": 19.8, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["医药产品", 31.0], ["医药", 31.0], ["其他业务收入", 2.0]], "ret_prev_year": 50.1, "ret_prev2_year": -22.7, "ret_ytd": -16.9, "ret_pivot": 34.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.9, "ret_60": 15.7, "ret_120": -10.7, "ret_250": -44.1, "mdd_250": -51.0, "vol_250": 46.5, "pos_52w": 59.1}, "S": {"duration": 46, "pricing": 62, "hard": 59, "bondness": 55}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.8 倍、股息率 2.4%、毛利率近 5 年中位 51.5%、固定资产占比 37%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 37%),没有定价权:毛利率近 5 年中位 51.5%,稳定度 75%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 4.0%(经营现金流/市值 6.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.5%,稳定度 75%,2020→2022 成本通胀期毛利率变化 3.9 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 37%,资本开支/折旧 1.48 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.8 倍 粗算,约 80%(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 -44%,最大回撤 -51%,年化波动 46%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -4% / 16% / -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%。", "立方制药:PE 比行业中位低 12.7倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位高 7.3个百分点。"]}}