{"F": {"ts_code": "300009.SZ", "name": "安科生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "创业板", "list_date": "20091030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.32, "pe_ttm": 19.829, "pb": 3.2632, "dv_ttm": 3.0048, "total_mv": 1390022.9824, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [78.8, 80.1, 78.4, 78.4, 77.4, 75.7], "rev_series": [17.0, 21.7, 23.3, 28.7, 25.4, 26.5], "np_series": [3.6, 2.1, 7.0, 8.5, 7.1, 7.4], "roe_series": [13.1, 7.4, 23.5, 24.4, 18.0, 16.9], "period": "20260630", "rev_ttm": 24.5, "np_ttm": 7.0, "ocf_ttm": 8.2, "fcf_ttm": 6.8, "fcf_yield": 4.9, "ocf_yield": 5.9, "gm_median": 78.4, "gm_std": 1.4, "gm_stab": 0.98, "gm_chg_2022": -0.4, "npm_median": 28.2, "roe_median": 18.0, "commodity": false, "hard_ratio": 30.9, "fix_assets": 15.8, "goodwill_ratio": 1.3, "pb_calc": 3.26, "capex_dep": 1.52, "interest_debt": 1.0, "debt_ebitda": 0.1, "debt_ratio": 13.9, "debt_mv": 0.7, "payout": 56.8, "div_years": 5, "rev_cagr3": 4.3, "np_cagr3": 1.5, "rev_yoy": -15.0, "np_yoy": -9.3, "np_vol": 101.8, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "consensus_n": 2, "fwd_pe": 16.8, "fwd_pe2": 14.7, "fwd_g1": 18.0, "fwd_g2": 14.0, "peg": 1.2, "consensus_disp": null, "mainbz": [["产品", 35.0], ["生物制品", 27.0], ["基因工程药", 26.0], ["合计特别调整", 6.0]], "ret_prev_year": 14.5, "ret_prev2_year": -14.0, "ret_ytd": -10.7, "ret_pivot": 17.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": 8.2, "ret_120": -10.7, "ret_250": -28.2, "mdd_250": -35.8, "vol_250": 39.4, "pos_52w": 71.2}, "S": {"duration": 39, "pricing": 81, "hard": 49, "bondness": 54}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 57%、股息率 3.0%、营收 3 年复合 4.3%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 78.4% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.9%(经营现金流/市值 5.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 78.4%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.4 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 31%,资本开支/折旧 1.52 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.8 倍 粗算,约 75%(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 -28%,最大回撤 -36%,年化波动 39%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -3% / 8% / -11%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "安科生物:PE 比行业中位低 12.3倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位高 2.7个百分点;固定资产占比 比行业中位高 8.8个百分点。"]}}