{"F": {"ts_code": "301277.SZ", "name": "新天地", "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": "20221116", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.09, "pe_ttm": 38.0464, "pb": 2.5794, "dv_ttm": 1.9822, "total_mv": 395607.1056, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.4, 40.1, 35.6, 39.8, 40.6, 34.9], "rev_series": [4.3, 5.1, 6.3, 6.5, 7.3, 6.7], "np_series": [1.2, 1.1, 1.3, 1.6, 1.7, 1.2], "roe_series": [46.9, 32.1, 15.0, 11.3, 11.6, 7.8], "period": "20260630", "rev_ttm": 7.1, "np_ttm": 1.0, "ocf_ttm": 0.9, "fcf_ttm": 0.4, "fcf_yield": 1.0, "ocf_yield": 2.3, "gm_median": 39.8, "gm_std": 2.4, "gm_stab": 0.94, "gm_chg_2022": -9.8, "npm_median": 22.3, "roe_median": 11.6, "commodity": false, "hard_ratio": 36.4, "fix_assets": 6.4, "goodwill_ratio": 0.0, "pb_calc": 2.58, "capex_dep": 0.84, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 12.6, "debt_mv": 0.1, "payout": 64.5, "div_years": 4, "rev_cagr3": 2.3, "np_cagr3": -2.9, "rev_yoy": 10.6, "np_yoy": -22.1, "np_vol": 18.0, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "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], ["左旋对羟基苯甘氨酸系列产品", 38.0], ["对甲苯磺酸", 10.0], ["其他业务", 1.0]], "ret_prev_year": 23.4, "ret_prev2_year": -5.4, "ret_ytd": -12.9, "ret_pivot": 25.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.5, "ret_60": 10.8, "ret_120": -17.2, "ret_250": -30.7, "mdd_250": -40.0, "vol_250": 37.8, "pos_52w": 69.5}, "S": {"duration": 61, "pricing": 57, "hard": 58, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.0 倍、股息率 2.0%、毛利率近 5 年中位 39.8%、固定资产占比 36%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 39.8% 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 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -9.8 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 36%,资本开支/折旧 0.84 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.0 倍 粗算,约 87%(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 -31%,最大回撤 -40%,年化波动 38%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -6% / 11% / -17%。", "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%。", "新天地:PE 比行业中位高 0.5倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位低 12.7个百分点;固定资产占比 比行业中位高 6.6个百分点。"]}}