{"F": {"ts_code": "301584.SZ", "name": "建发致新", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "创业板", "list_date": "20250925", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.81, "pe_ttm": 31.2468, "pb": 4.0388, "dv_ttm": 0.9611, "total_mv": 876701.3685, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [6.1, 7.0, 7.7, 7.9, 7.5, 7.9], "rev_series": [null, null, 118.8, 154.4, 179.2, 194.3], "np_series": [null, null, 1.7, 2.0, 2.3, 2.7], "roe_series": [13.6, 15.7, 17.5, 17.1, 16.7, 15.0], "period": "20260630", "rev_ttm": 196.1, "np_ttm": 2.8, "ocf_ttm": 9.6, "fcf_ttm": 9.1, "fcf_yield": 10.4, "ocf_yield": 11.0, "gm_median": 7.7, "gm_std": 0.3, "gm_stab": 0.96, "gm_chg_2022": 1.6, "npm_median": 1.6, "roe_median": 16.7, "commodity": false, "hard_ratio": 1.0, "fix_assets": 1.6, "goodwill_ratio": 0.2, "pb_calc": 4.04, "capex_dep": 1.25, "interest_debt": 38.3, "debt_ebitda": 5.1, "debt_ratio": 84.6, "debt_mv": 43.7, "payout": 27.8, "div_years": 1, "rev_cagr3": 17.8, "np_cagr3": 15.7, "rev_yoy": 1.8, "np_yoy": 8.0, "np_vol": 5.8, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["血管介入治疗类材料", 28.0], ["血管介入", 28.0], ["外科器械产品", 12.0], ["外科器械", 12.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -28.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.6, "ret_60": 0.1, "ret_120": -27.9, "ret_250": null, "mdd_250": -49.0, "vol_250": 61.5, "pos_52w": 53.2}, "S": {"duration": 54, "pricing": 46, "hard": 2, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.2 倍、股息率 1.0%、毛利率近 5 年中位 7.7%、固定资产占比 1%、有息负债/EBITDA 5.1 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 1%,毛利率近 5 年中位 7.7%。", "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 10.4%(经营现金流/市值 11.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 1.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 1%,资本开支/折旧 1.25 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.2 倍 粗算,约 84%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "建发致新:PE 比行业中位高 8.7倍;股息率 比行业中位低 1.8个百分点;毛利率 比行业中位低 5.7个百分点;固定资产占比 比行业中位低 6.2个百分点。"]}}