{"F": {"ts_code": "300233.SZ", "name": "金城医药", "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": "创业板", "list_date": "20110622", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.12, "pe_ttm": 36.0578, "pb": 1.3443, "dv_ttm": 1.8829, "total_mv": 503643.4752, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [58.1, 52.6, 46.2, 43.7, 40.1, 36.0], "rev_series": [29.6, 31.4, 35.1, 35.4, 33.7, 27.4], "np_series": [-4.9, 1.1, 2.7, 1.7, 2.0, 0.4], "roe_series": [-13.0, 3.2, 7.8, 4.8, 5.3, 1.2], "period": "20260630", "rev_ttm": 28.2, "np_ttm": 1.4, "ocf_ttm": 4.1, "fcf_ttm": 3.0, "fcf_yield": 6.0, "ocf_yield": 8.1, "gm_median": 43.7, "gm_std": 5.6, "gm_stab": 0.87, "gm_chg_2022": -11.9, "npm_median": 5.5, "roe_median": 4.8, "commodity": false, "hard_ratio": 39.9, "fix_assets": 20.4, "goodwill_ratio": 0.0, "pb_calc": 1.34, "capex_dep": 0.43, "interest_debt": 3.3, "debt_ebitda": 0.7, "debt_ratio": 25.4, "debt_mv": 6.7, "payout": 76.9, "div_years": 5, "rev_cagr3": -7.9, "np_cagr3": -45.5, "rev_yoy": 6.4, "np_yoy": 220.1, "np_vol": 89.2, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["其他医药化工产品", 25.0], ["其他", 25.0], ["制剂产品", 20.0], ["头孢侧链活性酯系列产品", 16.0]], "ret_prev_year": 20.9, "ret_prev2_year": -27.6, "ret_ytd": -5.2, "ret_pivot": 27.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": 9.6, "ret_120": -12.9, "ret_250": -32.2, "mdd_250": -43.3, "vol_250": 36.1, "pos_52w": 62.2}, "S": {"duration": 59, "pricing": 56, "hard": 64, "bondness": 60}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.1 倍、股息率 1.9%、毛利率近 5 年中位 43.7%、固定资产占比 40%、有息负债/EBITDA 0.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 40%、毛利率 43.7% 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": "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 6.0%(经营现金流/市值 8.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.7%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -11.9 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 40%,资本开支/折旧 0.43 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.1 倍 粗算,约 86%(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 -32%,最大回撤 -43%,年化波动 36%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -4% / 10% / -13%。", "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%。", "金城医药:PE 比行业中位低 1.4倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 8.8个百分点;固定资产占比 比行业中位高 10.1个百分点。"]}}