{"F": {"ts_code": "300357.SZ", "name": "我武生物", "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": "20140121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.96, "pe_ttm": 27.5475, "pb": 4.1744, "dv_ttm": 1.1384, "total_mv": 1149790.464, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [95.5, 95.7, 95.4, 95.3, 95.2, 95.2], "rev_series": [6.4, 8.1, 9.0, 8.5, 9.3, 10.6], "np_series": [2.8, 3.4, 3.5, 3.1, 3.2, 3.8], "roe_series": [20.4, 21.2, 18.8, 14.9, 14.0, 15.3], "period": "20260630", "rev_ttm": 10.9, "np_ttm": 4.2, "ocf_ttm": 4.1, "fcf_ttm": 3.5, "fcf_yield": 3.1, "ocf_yield": 3.6, "gm_median": 95.3, "gm_std": 0.2, "gm_stab": 1.0, "gm_chg_2022": -0.1, "npm_median": 34.8, "roe_median": 15.3, "commodity": false, "hard_ratio": 25.0, "fix_assets": 7.7, "goodwill_ratio": 0.0, "pb_calc": 4.17, "capex_dep": 1.47, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 7.7, "debt_mv": 0.2, "payout": 34.4, "div_years": 5, "rev_cagr3": 5.8, "np_cagr3": 3.0, "rev_yoy": 6.2, "np_yoy": 20.6, "np_vol": 12.1, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 7, "fwd_pe": 25.8, "fwd_pe2": 22.0, "fwd_g1": 7.0, "fwd_g2": 17.0, "peg": 1.52, "consensus_disp": null, "mainbz": [["产品", 50.0], ["粉尘螨滴剂", 45.0], ["黄花蒿花粉变应原舌下滴剂", 3.0], ["皮肤点刺液", 1.0]], "ret_prev_year": 41.6, "ret_prev2_year": -30.0, "ret_ytd": -21.9, "ret_pivot": 36.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.7, "ret_60": 1.2, "ret_120": -12.4, "ret_250": -24.9, "mdd_250": -41.0, "vol_250": 39.9, "pos_52w": 62.7}, "S": {"duration": 50, "pricing": 90, "hard": 40, "bondness": 33}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 25%)但有定价权:毛利率近 5 年中位 95.3%,稳定度 100%、ROE 近 5 年中位 15.3%。", "自由现金流/市值 3.1%,分红率 34%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 95.3%),硬资产占比 25%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.1%(经营现金流/市值 3.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 95.3%,稳定度 100%,2020→2022 成本通胀期毛利率变化 -0.1 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 25%,资本开支/折旧 1.47 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.5 倍 粗算,约 82%(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 -25%,最大回撤 -41%,年化波动 40%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -12% / 1% / -12%。", "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%。", "我武生物:PE 比行业中位低 4.6倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 19.6个百分点;固定资产占比 比行业中位高 2.9个百分点。"]}}