{"F": {"ts_code": "300705.SZ", "name": "九典制药", "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": "20171010", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.06, "pe_ttm": 16.2236, "pb": 2.1644, "dv_ttm": 3.572, "total_mv": 553322.0672, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [74.8, 78.5, 77.8, 77.2, 73.2, 72.9], "rev_series": [9.8, 16.3, 23.3, 26.9, 29.3, 31.1], "np_series": [0.8, 2.0, 2.7, 3.7, 5.1, 4.7], "roe_series": [10.3, 21.1, 20.3, 20.9, 22.8, 18.2], "period": "20260630", "rev_ttm": 28.9, "np_ttm": 3.4, "ocf_ttm": 6.8, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 12.3, "gm_median": 77.2, "gm_std": 2.4, "gm_stab": 0.97, "gm_chg_2022": 2.9, "npm_median": 13.7, "roe_median": 20.9, "commodity": false, "hard_ratio": 38.6, "fix_assets": 16.1, "goodwill_ratio": 0.1, "pb_calc": 2.13, "capex_dep": 5.69, "interest_debt": 6.8, "debt_ebitda": 1.1, "debt_ratio": 34.2, "debt_mv": 12.2, "payout": 30.0, "div_years": 5, "rev_cagr3": 10.2, "np_cagr3": 20.6, "rev_yoy": -14.9, "np_yoy": -45.2, "np_vol": 52.2, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.2, "consensus_n": 2, "fwd_pe": 18.4, "fwd_pe2": 15.3, "fwd_g1": -12.0, "fwd_g2": 21.0, "peg": 0.88, "consensus_disp": null, "mainbz": [["药品制剂", 74.0], ["原料药", 11.0], ["药用辅料", 8.0], ["植物提取物及其他", 3.0]], "ret_prev_year": -15.4, "ret_prev2_year": -24.4, "ret_ytd": -24.1, "ret_pivot": -36.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": 5.1, "ret_120": -22.8, "ret_250": -42.2, "mdd_250": -49.6, "vol_250": 31.5, "pos_52w": 58.6}, "S": {"duration": 33, "pricing": 82, "hard": 62, "bondness": 45}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 16.2 倍、股息率 3.6%、毛利率近 5 年中位 77.2%、固定资产占比 39%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 39%、毛利率 77.2% 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 0.1%(经营现金流/市值 12.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 77.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 2.9 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 39%,资本开支/折旧 5.69 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.2 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -42%,最大回撤 -50%,年化波动 32%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -3% / 5% / -23%。", "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%。", "九典制药:PE 比行业中位低 21.3倍;股息率 比行业中位高 2.4个百分点;毛利率 比行业中位高 24.7个百分点;固定资产占比 比行业中位高 8.8个百分点。"]}}