{"F": {"ts_code": "300401.SZ", "name": "花园生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "创业板", "list_date": "20141009", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.75, "pe_ttm": 29.1963, "pb": 2.4197, "dv_ttm": 0.7645, "total_mv": 803604.485, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.4, 68.7, 66.0, 59.9, 58.4, 55.6], "rev_series": [6.1, 11.2, 14.2, 10.9, 12.4, 12.4], "np_series": [2.7, 4.8, 3.8, 1.9, 3.1, 3.0], "roe_series": [11.7, 18.5, 15.8, 7.0, 10.1, 9.1], "period": "20260630", "rev_ttm": 12.9, "np_ttm": 2.8, "ocf_ttm": 3.9, "fcf_ttm": 1.1, "fcf_yield": 1.3, "ocf_yield": 4.9, "gm_median": 59.9, "gm_std": 4.9, "gm_stab": 0.92, "gm_chg_2022": 5.7, "npm_median": 24.9, "roe_median": 10.1, "commodity": false, "hard_ratio": 51.4, "fix_assets": 30.5, "goodwill_ratio": 0.0, "pb_calc": 2.25, "capex_dep": 1.64, "interest_debt": 18.4, "debt_ebitda": 3.4, "debt_ratio": 39.7, "debt_mv": 22.9, "payout": 20.2, "div_years": 5, "rev_cagr3": -4.4, "np_cagr3": -7.4, "rev_yoy": 8.9, "np_yoy": -18.3, "np_vol": 49.7, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["维生素产品", 51.0], ["胆固醇及其衍生品", 25.0], ["药品", 21.0], ["其他", 1.0]], "ret_prev_year": 4.0, "ret_prev2_year": 25.4, "ret_ytd": -1.7, "ret_pivot": 20.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.5, "ret_60": 11.7, "ret_120": -6.8, "ret_250": -6.5, "mdd_250": -47.1, "vol_250": 57.7, "pos_52w": 65.5}, "S": {"duration": 52, "pricing": 73, "hard": 82, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.2 倍、股息率 0.8%、毛利率近 5 年中位 59.9%、固定资产占比 51%、有息负债/EBITDA 3.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 51%、毛利率 59.9% 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 1.3%(经营现金流/市值 4.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 5.7 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 51%,资本开支/折旧 1.64 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.2 倍 粗算,约 83%(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 -6%,最大回撤 -47%,年化波动 58%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 4% / 12% / -7%。", "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%。", "花园生物:PE 比行业中位低 8.3倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 7.4个百分点;固定资产占比 比行业中位高 21.6个百分点。"]}}