{"F": {"ts_code": "300452.SZ", "name": "山河药辅", "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": "20150515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.85, "pe_ttm": 16.7649, "pb": 2.9988, "dv_ttm": 2.3165, "total_mv": 301276.3455, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.0, 28.9, 29.8, 31.7, 31.0, 31.8], "rev_series": [5.3, 6.2, 7.0, 8.4, 8.8, 9.4], "np_series": [0.9, 0.9, 1.3, 1.6, 1.2, 1.8], "roe_series": [16.9, 14.6, 19.2, 20.3, 13.5, 18.5], "period": "20260630", "rev_ttm": 9.9, "np_ttm": 1.8, "ocf_ttm": 2.0, "fcf_ttm": 1.6, "fcf_yield": 5.2, "ocf_yield": 6.7, "gm_median": 31.0, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": -1.2, "npm_median": 18.4, "roe_median": 18.5, "commodity": false, "hard_ratio": 27.5, "fix_assets": 4.9, "goodwill_ratio": 0.0, "pb_calc": 2.91, "capex_dep": 0.85, "interest_debt": 3.5, "debt_ebitda": 1.3, "debt_ratio": 38.3, "debt_mv": 11.5, "payout": 40.0, "div_years": 5, "rev_cagr3": 10.2, "np_cagr3": 10.5, "rev_yoy": 10.8, "np_yoy": 3.4, "np_vol": 29.0, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["纤维素及衍生物类", 33.0], ["纤维素及其衍生物类产品", 33.0], ["淀粉及衍生物类", 11.0], ["其他类产品", 9.0]], "ret_prev_year": 13.6, "ret_prev2_year": -14.0, "ret_ytd": -1.8, "ret_pivot": 31.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.1, "ret_60": 7.8, "ret_120": -14.2, "ret_250": -8.1, "mdd_250": -31.1, "vol_250": 38.7, "pos_52w": 77.6}, "S": {"duration": 34, "pricing": 56, "hard": 44, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 16.8 倍、股息率 2.3%、毛利率近 5 年中位 31.0%、固定资产占比 28%、有息负债/EBITDA 1.3 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 31.0%),硬资产占比 28%。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 5.2%(经营现金流/市值 6.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -1.2 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 28%,资本开支/折旧 0.85 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.8 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -31%,年化波动 39%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 2% / 8% / -14%。", "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%。", "山河药辅:PE 比行业中位低 20.7倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位低 21.5个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}