{"F": {"ts_code": "301263.SZ", "name": "泰恩康", "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": "20220329", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.6, "pe_ttm": null, "pb": 6.0661, "dv_ttm": 0.2126, "total_mv": 1000770.12, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.8, 50.1, 58.2, 60.6, 56.7, 54.1], "rev_series": [7.1, 6.5, 7.8, 7.6, 7.2, 6.7], "np_series": [1.6, 1.2, 1.7, 1.6, 1.1, 0.3], "roe_series": [29.6, 18.5, 13.6, 8.8, 6.1, 1.7], "period": "20260630", "rev_ttm": 6.5, "np_ttm": -0.0, "ocf_ttm": 0.8, "fcf_ttm": -0.4, "fcf_yield": -0.4, "ocf_yield": 0.8, "gm_median": 56.7, "gm_std": 3.6, "gm_stab": 0.94, "gm_chg_2022": 3.4, "npm_median": 18.4, "roe_median": 8.8, "commodity": false, "hard_ratio": 23.0, "fix_assets": 5.8, "goodwill_ratio": 8.5, "pb_calc": 6.07, "capex_dep": 2.43, "interest_debt": 4.0, "debt_ebitda": 14.8, "debt_ratio": 32.4, "debt_mv": 4.0, "payout": 76.9, "div_years": 5, "rev_cagr3": -4.9, "np_cagr3": -45.3, "rev_yoy": -7.7, "np_yoy": -90.0, "np_vol": 38.6, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 67.6, "fwd_pe2": 25.5, "fwd_g1": null, "fwd_g2": 166.0, "peg": 0.41, "consensus_disp": null, "mainbz": [["眼科用药", 23.0], ["两性健康用药", 22.0], ["其他业务", 19.0], ["合计特别调整", 19.0]], "ret_prev_year": 96.3, "ret_prev2_year": -6.6, "ret_ytd": -18.7, "ret_pivot": 96.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.4, "ret_60": 5.9, "ret_120": -18.8, "ret_250": -33.6, "mdd_250": -43.9, "vol_250": 45.6, "pos_52w": 60.9}, "S": {"duration": 100, "pricing": 71, "hard": 37, "bondness": 63}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE —、股息率 0.2%、毛利率近 5 年中位 56.7%、固定资产占比 23%、有息负债/EBITDA 14.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 56.7%),硬资产占比 23%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -0.4%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.7%,稳定度 94%,2020→2022 成本通胀期毛利率变化 3.4 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 23%,资本开支/折旧 2.43 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -34%,最大回撤 -44%,年化波动 46%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -8% / 6% / -19%。", "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%。", "泰恩康:PE ;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位高 4.2个百分点;固定资产占比 比行业中位低 6.8个百分点。"]}}