{"F": {"ts_code": "300765.SZ", "name": "石药创新", "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": "20190322", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.88, "pe_ttm": 60.2592, "pb": 15.6566, "dv_ttm": null, "total_mv": 6163353.6452, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.7, 47.9, 43.2, 45.3, 42.0, 38.4], "rev_series": [13.2, 14.3, 26.3, 25.0, 19.8, 21.6], "np_series": [3.0, 3.2, 7.3, 7.6, 0.5, -2.4], "roe_series": [11.8, 11.3, 21.1, 16.8, 1.2, -7.5], "period": "20260630", "rev_ttm": 43.5, "np_ttm": 10.2, "ocf_ttm": 27.3, "fcf_ttm": 20.9, "fcf_yield": 3.4, "ocf_yield": 4.4, "gm_median": 43.2, "gm_std": 3.2, "gm_stab": 0.93, "gm_chg_2022": -12.4, "npm_median": 22.1, "roe_median": 11.3, "commodity": false, "hard_ratio": 33.3, "fix_assets": 29.0, "goodwill_ratio": 0.0, "pb_calc": 15.66, "capex_dep": 2.82, "interest_debt": 7.9, "debt_ebitda": 0.5, "debt_ratio": 50.0, "debt_mv": 1.3, "payout": 50.5, "div_years": 4, "rev_cagr3": -6.3, "np_cagr3": null, "rev_yoy": 208.7, "np_yoy": 46025.7, "np_vol": 226.9, "loss_years": 1, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["生物制药", 54.0], ["功能食品及原料", 23.0], ["功能性原料及保健食品", 23.0], ["其他业务", 1.0]], "ret_prev_year": 35.8, "ret_prev2_year": -12.1, "ret_ytd": 21.7, "ret_pivot": 98.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": 83.1, "ret_120": 46.3, "ret_250": -19.1, "mdd_250": -60.2, "vol_250": 68.6, "pos_52w": 75.2}, "S": {"duration": 78, "pricing": 58, "hard": 53, "bondness": 39}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 60.3 倍、股息率 —、毛利率近 5 年中位 43.2%、固定资产占比 33%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 43.2% 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 3.4%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -12.4 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 33%,资本开支/折旧 2.82 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 60.3 倍 粗算,约 92%(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 -19%,最大回撤 -60%,年化波动 69%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 7% / 83% / 46%。", "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%。", "石药创新:PE 比行业中位高 22.8倍;股息率 ;毛利率 比行业中位低 9.3个百分点;固定资产占比 比行业中位高 3.5个百分点。"]}}