{"F": {"ts_code": "300702.SZ", "name": "天宇股份", "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": "20170919", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.62, "pe_ttm": 83.0904, "pb": 2.1111, "dv_ttm": 0.2313, "total_mv": 752326.7064, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.6, 36.7, 25.8, 39.2, 34.7, 37.1], "rev_series": [25.9, 25.5, 26.7, 25.3, 26.3, 30.6], "np_series": [6.7, 2.0, -1.2, 0.3, 0.6, 1.4], "roe_series": [23.9, 5.6, -3.3, 0.8, 1.6, 3.9], "period": "20260630", "rev_ttm": 35.0, "np_ttm": 0.9, "ocf_ttm": 9.1, "fcf_ttm": 5.8, "fcf_yield": 7.7, "ocf_yield": 12.1, "gm_median": 36.7, "gm_std": 4.7, "gm_stab": 0.87, "gm_chg_2022": -25.9, "npm_median": 2.1, "roe_median": 1.6, "commodity": false, "hard_ratio": 43.2, "fix_assets": 29.7, "goodwill_ratio": 0.0, "pb_calc": 2.11, "capex_dep": 0.95, "interest_debt": 19.1, "debt_ebitda": 3.1, "debt_ratio": 47.7, "debt_mv": 25.3, "payout": 31.2, "div_years": 4, "rev_cagr3": 4.7, "np_cagr3": null, "rev_yoy": 13.2, "np_yoy": -32.1, "np_vol": 121.5, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 3, "fwd_pe": 24.5, "fwd_pe2": 18.3, "fwd_g1": 239.0, "fwd_g2": 34.0, "peg": 0.72, "consensus_disp": null, "mainbz": [["产品", 41.0], ["降血压类原料药及中间体", 18.0], ["抗高血压", 18.0], ["合计特别调整", 13.0]], "ret_prev_year": 42.2, "ret_prev2_year": -23.2, "ret_ytd": -8.2, "ret_pivot": 58.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.0, "ret_60": 12.9, "ret_120": -4.2, "ret_250": -21.4, "mdd_250": -36.3, "vol_250": 37.6, "pos_52w": 76.2}, "S": {"duration": 87, "pricing": 53, "hard": 69, "bondness": 37}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 83.1 倍、股息率 0.2%、毛利率近 5 年中位 36.7%、固定资产占比 43%、有息负债/EBITDA 3.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 43%、毛利率 36.7% 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 7.7%(经营现金流/市值 12.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.7%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -25.9 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 43%,资本开支/折旧 0.95 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 83.1 倍 粗算,约 94%(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 -21%,最大回撤 -36%,年化波动 38%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -1% / 13% / -4%。", "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%。", "天宇股份:PE 比行业中位高 45.6倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 15.8个百分点;固定资产占比 比行业中位高 13.4个百分点。"]}}