{"F": {"ts_code": "300725.SZ", "name": "药石科技", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "创业板", "list_date": "20171110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.73, "pe_ttm": 47.4202, "pb": 2.1882, "dv_ttm": 0.8861, "total_mv": 999059.0202, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.8, 48.1, 45.5, 42.5, 38.1, 30.8], "rev_series": [10.2, 12.0, 15.9, 17.3, 16.9, 19.7], "np_series": [1.8, 4.9, 3.1, 2.0, 2.2, 1.8], "roe_series": [14.0, 22.5, 12.4, 7.2, 7.5, 4.0], "period": "20260630", "rev_ttm": 21.1, "np_ttm": 2.1, "ocf_ttm": 3.9, "fcf_ttm": 1.4, "fcf_yield": 1.4, "ocf_yield": 3.9, "gm_median": 42.5, "gm_std": 6.1, "gm_stab": 0.86, "gm_chg_2022": -0.3, "npm_median": 13.0, "roe_median": 7.5, "commodity": false, "hard_ratio": 32.0, "fix_assets": 17.2, "goodwill_ratio": 6.6, "pb_calc": 2.19, "capex_dep": 1.83, "interest_debt": 1.2, "debt_ebitda": 0.3, "debt_ratio": 15.2, "debt_mv": 1.2, "payout": 31.3, "div_years": 5, "rev_cagr3": 7.4, "np_cagr3": -16.4, "rev_yoy": 15.2, "np_yoy": 37.2, "np_vol": 75.5, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 8, "fwd_pe": 41.3, "fwd_pe2": 30.7, "fwd_g1": 15.0, "fwd_g2": 34.0, "peg": 1.21, "consensus_disp": null, "mainbz": [["药物开发及商业化阶段的产品和服务", 84.0], ["药物研究阶段的产品和服务", 15.0], ["其他业务", 1.0]], "ret_prev_year": 15.9, "ret_prev2_year": -14.0, "ret_ytd": 11.9, "ret_pivot": 68.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.9, "ret_60": 37.2, "ret_120": 15.1, "ret_250": -8.4, "mdd_250": -34.2, "vol_250": 47.5, "pos_52w": 78.1}, "S": {"duration": 69, "pricing": 59, "hard": 51, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 47.4 倍、股息率 0.9%、毛利率近 5 年中位 42.5%、固定资产占比 32%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 32%、毛利率 42.5% 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 1.4%(经营现金流/市值 3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.5%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -0.3 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 32%,资本开支/折旧 1.83 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.4 倍 粗算,约 89%(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 -8%,最大回撤 -34%,年化波动 48%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -10% / 37% / 15%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "药石科技:PE 比行业中位低 25.7倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位高 13.1个百分点。"]}}