{"F": {"ts_code": "301211.SZ", "name": "亨迪药业", "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": "20211222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.6, "pe_ttm": 104.1764, "pb": 2.1262, "dv_ttm": 0.5172, "total_mv": 484416.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.6, 33.9, 28.9, 40.2, 28.8, 22.1], "rev_series": [5.9, 5.4, 5.1, 6.6, 4.5, 4.5], "np_series": [1.7, 1.2, 1.3, 1.8, 0.9, 0.3], "roe_series": [28.3, 8.3, 5.6, 7.6, 3.9, 1.5], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.5, "ocf_ttm": 0.3, "fcf_ttm": -0.3, "fcf_yield": -0.6, "ocf_yield": 0.7, "gm_median": 28.9, "gm_std": 6.0, "gm_stab": 0.79, "gm_chg_2022": -20.8, "npm_median": 22.5, "roe_median": 5.6, "commodity": false, "hard_ratio": 21.9, "fix_assets": 5.2, "goodwill_ratio": 0.0, "pb_calc": 2.13, "capex_dep": 1.46, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 4.8, "debt_mv": 0.0, "payout": 78.1, "div_years": 5, "rev_cagr3": -4.2, "np_cagr3": -34.8, "rev_yoy": 5.4, "np_yoy": 62.5, "np_vol": 36.7, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 36.0], ["非甾体抗炎类药物", 23.0], ["抗炎类", 23.0], ["心血管类", 6.0]], "ret_prev_year": -15.7, "ret_prev2_year": -0.0, "ret_ytd": -4.6, "ret_pivot": 22.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": 24.3, "ret_120": -5.0, "ret_250": -10.3, "mdd_250": -41.9, "vol_250": 56.5, "pos_52w": 72.6}, "S": {"duration": 93, "pricing": 46, "hard": 35, "bondness": 50}, "label": "中性", "tags": [], "text": {"像什么": ["PE 104.2 倍、股息率 0.5%、毛利率近 5 年中位 28.9%、固定资产占比 22%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 22%,毛利率近 5 年中位 28.9%。", "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 -0.6%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.9%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -20.8 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 22%,资本开支/折旧 1.46 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 104.2 倍 粗算,约 95%(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 -10%,最大回撤 -42%,年化波动 56%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 0% / 24% / -5%。", "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%。", "亨迪药业:PE 比行业中位高 66.7倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 23.6个百分点;固定资产占比 比行业中位低 7.9个百分点。"]}}