{"F": {"ts_code": "300194.SZ", "name": "福安药业", "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": "创业板", "list_date": "20110322", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.88, "pe_ttm": 77.3846, "pb": 1.049, "dv_ttm": 1.8041, "total_mv": 461608.4112, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.4, 62.8, 58.4, 53.4, 53.0, 37.0], "rev_series": [23.7, 24.5, 24.2, 26.5, 23.9, 17.4], "np_series": [2.1, -3.0, 2.0, 2.3, 2.8, 0.8], "roe_series": [5.2, -7.6, 5.3, 5.7, 6.6, 1.8], "period": "20260630", "rev_ttm": 16.6, "np_ttm": 0.6, "ocf_ttm": 4.4, "fcf_ttm": 3.5, "fcf_yield": 7.6, "ocf_yield": 9.4, "gm_median": 53.4, "gm_std": 8.8, "gm_stab": 0.84, "gm_chg_2022": -7.0, "npm_median": 8.3, "roe_median": 5.3, "commodity": false, "hard_ratio": 29.2, "fix_assets": 16.4, "goodwill_ratio": 2.4, "pb_calc": 1.05, "capex_dep": 0.51, "interest_debt": 6.0, "debt_ebitda": 1.9, "debt_ratio": 21.7, "debt_mv": 12.9, "payout": 26.3, "div_years": 4, "rev_cagr3": -10.5, "np_cagr3": -27.8, "rev_yoy": -8.8, "np_yoy": -15.3, "np_vol": 134.4, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["制剂", 29.0], ["原料药及中间体", 19.0], ["其他业务", 2.0]], "ret_prev_year": 0.9, "ret_prev2_year": 3.1, "ret_ytd": -11.4, "ret_pivot": 7.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 9.9, "ret_120": -8.1, "ret_250": -19.0, "mdd_250": -30.0, "vol_250": 26.4, "pos_52w": 81.3}, "S": {"duration": 86, "pricing": 60, "hard": 47, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 77.4 倍、股息率 1.8%、毛利率近 5 年中位 53.4%、固定资产占比 29%、有息负债/EBITDA 1.9 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 29%,毛利率近 5 年中位 53.4%。", "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 7.6%(经营现金流/市值 9.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 53.4%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -7.0 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 29%,资本开支/折旧 0.51 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 77.4 倍 粗算,约 94%(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 -19%,最大回撤 -30%,年化波动 26%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 2% / 10% / -8%。", "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%。", "福安药业:PE 比行业中位高 39.9倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 0.9个百分点;固定资产占比 比行业中位低 0.6个百分点。"]}}