{"F": {"ts_code": "301130.SZ", "name": "西点药业", "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": "20220223", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.2, "pe_ttm": 353.6924, "pb": 2.3878, "dv_ttm": 0.5261, "total_mv": 208065.584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [84.7, 83.7, 81.6, 80.3, 76.5, 76.3], "rev_series": [2.9, 2.9, 2.6, 2.3, 2.6, 2.3], "np_series": [0.5, 0.5, 0.4, 0.5, 0.4, 0.2], "roe_series": [10.8, 10.4, 5.5, 5.2, 4.3, 2.4], "period": "20260630", "rev_ttm": 2.1, "np_ttm": 0.1, "ocf_ttm": 0.4, "fcf_ttm": -0.2, "fcf_yield": -1.0, "ocf_yield": 2.0, "gm_median": 80.3, "gm_std": 2.9, "gm_stab": 0.96, "gm_chg_2022": -3.0, "npm_median": 15.9, "roe_median": 5.2, "commodity": false, "hard_ratio": 51.3, "fix_assets": 5.5, "goodwill_ratio": 2.9, "pb_calc": 2.39, "capex_dep": 2.05, "interest_debt": 0.4, "debt_ebitda": 1.0, "debt_ratio": 15.4, "debt_mv": 1.9, "payout": 50.3, "div_years": 5, "rev_cagr3": -2.8, "np_cagr3": -18.7, "rev_yoy": -21.0, "np_yoy": -64.2, "np_vol": 23.9, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["利培酮口崩片", 21.0], ["复方硫酸亚铁叶酸片", 20.0], ["合计特别调整", 9.0]], "ret_prev_year": 9.9, "ret_prev2_year": -5.0, "ret_ytd": -4.2, "ret_pivot": 23.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.3, "ret_60": 4.8, "ret_120": -13.6, "ret_250": -16.6, "mdd_250": -34.0, "vol_250": 50.4, "pos_52w": 70.2}, "S": {"duration": 100, "pricing": 79, "hard": 82, "bondness": 44}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 353.7 倍、股息率 0.5%、毛利率近 5 年中位 80.3%、固定资产占比 51%、有息负债/EBITDA 1.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 51%、毛利率 80.3% 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 -1.0%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 80.3%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.0 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 51%,资本开支/折旧 2.05 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 353.7 倍 粗算,约 99%(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 -17%,最大回撤 -34%,年化波动 50%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 8% / 5% / -14%。", "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%。", "西点药业:PE 比行业中位高 316.2倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 27.8个百分点;固定资产占比 比行业中位高 21.5个百分点。"]}}