{"F": {"ts_code": "300871.SZ", "name": "回盛生物", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "动物保健Ⅱ", "sw3": "动物保健Ⅲ", "ind": "动物保健Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20200824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 23.17, "pe_ttm": 13.6812, "pb": 2.0209, "dv_ttm": 0.8574, "total_mv": 467534.4548, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.0, 27.2, 22.0, 20.9, 16.3, 31.0], "rev_series": [7.8, 10.0, 10.2, 10.2, 12.0, 16.8], "np_series": [1.5, 1.3, 0.5, 0.2, -0.2, 2.5], "roe_series": [17.1, 8.9, 3.3, 1.1, -1.4, 13.9], "period": "20260630", "rev_ttm": 17.2, "np_ttm": 3.4, "ocf_ttm": 2.4, "fcf_ttm": -0.4, "fcf_yield": -0.8, "ocf_yield": 5.2, "gm_median": 22.0, "gm_std": 5.1, "gm_stab": 0.77, "gm_chg_2022": -15.0, "npm_median": 5.2, "roe_median": 3.3, "commodity": false, "hard_ratio": 48.4, "fix_assets": 16.5, "goodwill_ratio": 0.0, "pb_calc": 2.02, "capex_dep": 2.32, "interest_debt": 4.6, "debt_ebitda": 1.0, "debt_ratio": 31.8, "debt_mv": 9.9, "payout": 144.8, "div_years": 5, "rev_cagr3": 18.0, "np_cagr3": 68.7, "rev_yoy": 5.2, "np_yoy": 75.6, "np_vol": 582.6, "loss_years": 1, "far_share": 63.0, "earn_yield": 7.3, "consensus_n": 3, "fwd_pe": 13.8, "fwd_pe2": 11.5, "fwd_g1": -1.0, "fwd_g2": 20.0, "peg": 0.69, "consensus_disp": null, "mainbz": [["兽用原料药及制剂", 32.0], ["兽用化药制剂", 32.0], ["兽用原料药及制剂：兽用化药制剂", 16.0], ["兽用原料药及制剂：兽用原料药", 15.0]], "ret_prev_year": 112.7, "ret_prev2_year": -30.0, "ret_ytd": 12.9, "ret_pivot": 207.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": 8.3, "ret_120": -7.2, "ret_250": -1.2, "mdd_250": -38.3, "vol_250": 50.0, "pos_52w": 71.5}, "S": {"duration": 29, "pricing": 42, "hard": 77, "bondness": 45}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 13.7 倍、股息率 0.9%、毛利率近 5 年中位 22.0%、固定资产占比 48%、有息负债/EBITDA 1.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 48%),没有定价权:毛利率近 5 年中位 22.0%,稳定度 77%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -0.8%(经营现金流/市值 5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.0%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -15.0 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 48%,资本开支/折旧 2.32 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.7 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -1%,最大回撤 -38%,年化波动 50%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 1% / 8% / -7%。", "行业对照": ["同申万二级「动物保健Ⅱ」12 家中位:PE 37.8 / 股息率 1.7% / 毛利率 39.9% / 固定资产占比 35% / 分红率 64%。", "回盛生物:PE 比行业中位低 24.1倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 17.9个百分点;固定资产占比 比行业中位高 13.4个百分点。"]}}