{"F": {"ts_code": "300119.SZ", "name": "瑞普生物", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "动物保健Ⅱ", "sw3": "动物保健Ⅲ", "ind": "动物保健Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20100917", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.69, "pe_ttm": 23.6185, "pb": 1.747, "dv_ttm": 2.2092, "total_mv": 822151.2412, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.0, 51.8, 48.4, 49.7, 41.4, 41.3], "rev_series": [20.0, 20.1, 20.8, 22.5, 30.7, 34.0], "np_series": [4.0, 4.1, 3.5, 4.5, 3.0, 4.0], "roe_series": [17.4, 12.7, 8.4, 10.4, 6.7, 8.7], "period": "20260630", "rev_ttm": 34.1, "np_ttm": 3.5, "ocf_ttm": 3.6, "fcf_ttm": 1.7, "fcf_yield": 2.1, "ocf_yield": 4.3, "gm_median": 48.4, "gm_std": 4.4, "gm_stab": 0.91, "gm_chg_2022": -5.6, "npm_median": 17.9, "roe_median": 8.7, "commodity": false, "hard_ratio": 21.0, "fix_assets": 16.4, "goodwill_ratio": 5.7, "pb_calc": 1.75, "capex_dep": 1.17, "interest_debt": 16.2, "debt_ebitda": 2.7, "debt_ratio": 34.4, "debt_mv": 19.7, "payout": 45.4, "div_years": 5, "rev_cagr3": 17.7, "np_cagr3": 4.9, "rev_yoy": 0.8, "np_yoy": -20.4, "np_vol": 26.0, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 15, "fwd_pe": 18.2, "fwd_pe2": 14.7, "fwd_g1": 30.0, "fwd_g2": 24.0, "peg": 0.76, "consensus_disp": null, "mainbz": [["产品", 38.0], ["原料药及制剂", 12.0], ["制剂及原料药", 12.0], ["禽用疫苗", 12.0]], "ret_prev_year": 4.0, "ret_prev2_year": 15.6, "ret_ytd": -3.7, "ret_pivot": 67.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.8, "ret_60": 17.3, "ret_120": -8.2, "ret_250": -23.4, "mdd_250": -36.1, "vol_250": 32.3, "pos_52w": 78.7}, "S": {"duration": 45, "pricing": 60, "hard": 34, "bondness": 40}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 23.6 倍、股息率 2.2%、毛利率近 5 年中位 48.4%、固定资产占比 21%、有息负债/EBITDA 2.7 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 48.4%),硬资产占比 21%。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 2.1%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -5.6 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 21%,资本开支/折旧 1.17 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.6 倍 粗算,约 79%(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 -23%,最大回撤 -36%,年化波动 32%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -3% / 17% / -8%。", "行业对照": ["同申万二级「动物保健Ⅱ」12 家中位:PE 37.8 / 股息率 1.7% / 毛利率 39.9% / 固定资产占比 35% / 分红率 64%。", "瑞普生物:PE 比行业中位低 14.2倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 8.5个百分点;固定资产占比 比行业中位低 14.0个百分点。"]}}