{"F": {"ts_code": "300199.SZ", "name": "翰宇药业", "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": "20110407", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.82, "pe_ttm": 157.71, "pb": 23.7057, "dv_ttm": null, "total_mv": 2015556.8748, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [80.5, 72.0, 77.3, 49.3, 57.1, 58.4], "rev_series": [7.2, 7.4, 7.0, 4.3, 5.9, 9.7], "np_series": [-6.1, 0.3, -3.7, -5.1, -1.7, 0.4], "roe_series": [-31.5, 1.9, -26.0, -50.6, -26.0, 6.1], "period": "20260630", "rev_ttm": 11.1, "np_ttm": 1.3, "ocf_ttm": 3.8, "fcf_ttm": 0.2, "fcf_yield": 0.1, "ocf_yield": 1.9, "gm_median": 58.4, "gm_std": 10.3, "gm_stab": 0.82, "gm_chg_2022": -3.1, "npm_median": -30.5, "roe_median": -26.0, "commodity": false, "hard_ratio": 52.4, "fix_assets": 18.6, "goodwill_ratio": 0.0, "pb_calc": 23.71, "capex_dep": 3.14, "interest_debt": 19.1, "debt_ebitda": 5.1, "debt_ratio": 75.6, "debt_mv": 9.5, "payout": null, "div_years": 0, "rev_cagr3": 11.1, "np_cagr3": null, "rev_yoy": 25.3, "np_yoy": 62.7, "np_vol": 549.3, "loss_years": 3, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["原料药", 79.0], ["制剂", 9.0], ["客户肽", 6.0], ["其他业务", 4.0]], "ret_prev_year": 38.9, "ret_prev2_year": -5.1, "ret_ytd": 27.5, "ret_pivot": 151.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.4, "ret_60": 10.0, "ret_120": 29.0, "ret_250": -21.2, "mdd_250": -40.9, "vol_250": 55.3, "pos_52w": 82.5}, "S": {"duration": 98, "pricing": 63, "hard": 84, "bondness": 24}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 1.3 亿,近 5 年亏损 3 年;PE 158 倍(盈利极薄),估值指标失真。", "资产负债率 76%,有息负债 19 亿,经营现金流/市值 1.9%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 52%),没有定价权:毛利率近 5 年中位 58.4%,稳定度 82%。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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.1%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.4%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -3.1 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 52%,资本开支/折旧 3.14 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 157.7 倍 粗算,约 97%(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 -21%,最大回撤 -41%,年化波动 55%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -6% / 10% / 29%。", "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%。", "翰宇药业:PE 比行业中位高 120.2倍;股息率 ;毛利率 比行业中位高 5.9个百分点;固定资产占比 比行业中位高 22.6个百分点。"]}}