{"F": {"ts_code": "300434.SZ", "name": "金石亚药", "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": "20150424", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.99, "pe_ttm": 27.3636, "pb": 1.6888, "dv_ttm": 0.7461, "total_mv": 441516.4362, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.9, 56.7, 61.3, 61.4, 57.4, 58.3], "rev_series": [7.8, 10.5, 12.4, 12.1, 11.0, 10.4], "np_series": [-6.9, 0.7, 2.2, 1.3, 0.9, 1.3], "roe_series": [-29.0, 3.2, 10.0, 5.4, 3.8, 5.3], "period": "20260630", "rev_ttm": 10.4, "np_ttm": 1.6, "ocf_ttm": 1.7, "fcf_ttm": 0.8, "fcf_yield": 1.8, "ocf_yield": 3.8, "gm_median": 58.3, "gm_std": 2.0, "gm_stab": 0.97, "gm_chg_2022": 7.4, "npm_median": 10.0, "roe_median": 5.3, "commodity": false, "hard_ratio": 26.5, "fix_assets": 8.3, "goodwill_ratio": 3.5, "pb_calc": 1.69, "capex_dep": 1.17, "interest_debt": 1.1, "debt_ebitda": 0.4, "debt_ratio": 15.8, "debt_mv": 2.4, "payout": 30.0, "div_years": 3, "rev_cagr3": -5.8, "np_cagr3": -15.6, "rev_yoy": -0.2, "np_yoy": 45.2, "np_vol": 99.4, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["药品销售收入", 29.0], ["药品、保健品及食品销售收入", 29.0], ["生产线及配套销售收入", 3.0]], "ret_prev_year": 25.9, "ret_prev2_year": -25.0, "ret_ytd": 7.8, "ret_pivot": 61.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.0, "ret_60": 24.5, "ret_120": 8.6, "ret_250": 3.1, "mdd_250": -31.7, "vol_250": 48.6, "pos_52w": 85.1}, "S": {"duration": 50, "pricing": 74, "hard": 42, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 27.4 倍、股息率 0.7%、毛利率近 5 年中位 58.3%、固定资产占比 26%、有息负债/EBITDA 0.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 58.3%),硬资产占比 26%。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": "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 1.8%(经营现金流/市值 3.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.3%,稳定度 97%,2020→2022 成本通胀期毛利率变化 7.4 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 26%,资本开支/折旧 1.17 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.4 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 3%,最大回撤 -32%,年化波动 49%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -4% / 24% / 9%。", "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%。", "金石亚药:PE 比行业中位低 10.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 5.8个百分点;固定资产占比 比行业中位低 3.3个百分点。"]}}