{"F": {"ts_code": "301258.SZ", "name": "富士莱", "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": "20220329", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.85, "pe_ttm": 358.9971, "pb": 1.2946, "dv_ttm": 0.8225, "total_mv": 236966.95, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.3, 40.3, 45.2, 38.4, 19.6, 16.7], "rev_series": [4.8, 5.2, 5.7, 4.9, 4.3, 4.3], "np_series": [1.4, 1.2, 1.8, 1.1, 0.2, 0.6], "roe_series": [23.4, 17.6, 13.5, 5.9, 0.9, 3.4], "period": "20260630", "rev_ttm": 3.9, "np_ttm": 0.1, "ocf_ttm": -0.1, "fcf_ttm": -1.6, "fcf_yield": -6.7, "ocf_yield": -0.4, "gm_median": 38.4, "gm_std": 11.6, "gm_stab": 0.7, "gm_chg_2022": -2.0, "npm_median": 22.9, "roe_median": 5.9, "commodity": false, "hard_ratio": 26.3, "fix_assets": 5.4, "goodwill_ratio": 0.0, "pb_calc": 1.29, "capex_dep": 3.2, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 10.2, "debt_mv": 0.0, "payout": 49.2, "div_years": 5, "rev_cagr3": -8.7, "np_cagr3": -28.7, "rev_yoy": -17.2, "np_yoy": -133.9, "np_vol": 132.7, "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", 34.0], ["医药主营业务", 33.0], ["医药", 33.0], ["其他业务", 1.0]], "ret_prev_year": 38.5, "ret_prev2_year": -25.7, "ret_ytd": -19.9, "ret_pivot": 29.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": 5.0, "ret_120": -24.5, "ret_250": -29.5, "mdd_250": -41.0, "vol_250": 36.3, "pos_52w": 69.6}, "S": {"duration": 100, "pricing": 50, "hard": 42, "bondness": 42}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 359.0 倍、股息率 0.8%、毛利率近 5 年中位 38.4%、固定资产占比 26%、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 26%,毛利率近 5 年中位 38.4%。", "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 -6.7%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.4%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -2.0 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 26%,资本开支/折旧 3.20 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 359.0 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 -30%,最大回撤 -41%,年化波动 36%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 1% / 5% / -24%。", "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%。", "富士莱:PE 比行业中位高 321.5倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 14.1个百分点;固定资产占比 比行业中位低 3.5个百分点。"]}}