{"F": {"ts_code": "600062.SH", "name": "华润双鹤", "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": "主板", "list_date": "19970522", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.02, "pe_ttm": 10.3127, "pb": 1.3584, "dv_ttm": 2.9901, "total_mv": 1663793.145, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.0, 55.8, 55.2, 55.2, 57.3, 58.0], "rev_series": [85.0, 91.1, 94.5, 102.2, 112.1, 110.0], "np_series": [10.1, 9.4, 11.6, 13.3, 16.3, 16.5], "roe_series": [11.2, 9.7, 11.7, 12.6, 15.1, 14.9], "period": "20260630", "rev_ttm": 108.7, "np_ttm": 16.2, "ocf_ttm": 14.5, "fcf_ttm": 8.2, "fcf_yield": 4.9, "ocf_yield": 8.7, "gm_median": 55.8, "gm_std": 1.1, "gm_stab": 0.98, "gm_chg_2022": -7.8, "npm_median": 13.0, "roe_median": 12.6, "commodity": false, "hard_ratio": 25.3, "fix_assets": 46.5, "goodwill_ratio": 5.9, "pb_calc": 1.36, "capex_dep": 1.25, "interest_debt": 12.0, "debt_ebitda": 0.5, "debt_ratio": 28.4, "debt_mv": 7.2, "payout": 29.7, "div_years": 5, "rev_cagr3": 5.2, "np_cagr3": 12.3, "rev_yoy": -3.4, "np_yoy": -3.4, "np_vol": 11.4, "loss_years": 0, "far_share": 52.0, "earn_yield": 9.7, "consensus_n": 4, "fwd_pe": 9.3, "fwd_pe2": 8.6, "fwd_g1": 11.0, "fwd_g2": 8.0, "peg": 1.16, "consensus_disp": null, "mainbz": [["产品", 50.0], ["非输液", 39.0], ["输液", 12.0], ["合计特别调整", 0.0]], "ret_prev_year": -5.5, "ret_prev2_year": 9.0, "ret_ytd": -10.6, "ret_pivot": -18.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.1, "ret_60": -3.9, "ret_120": -10.2, "ret_250": -18.8, "mdd_250": -22.3, "vol_250": 20.1, "pos_52w": 81.7}, "S": {"duration": 23, "pricing": 66, "hard": 40, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 10.3 倍、股息率 3.0%、毛利率近 5 年中位 55.8%、固定资产占比 25%、有息负债/EBITDA 0.5 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 55.8%),硬资产占比 25%。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 4.9%(经营现金流/市值 8.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.8%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -7.8 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 25%,资本开支/折旧 1.25 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.3 倍 粗算,约 52%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -19%,最大回撤 -22%,年化波动 20%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -2% / -4% / -10%。", "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%。", "华润双鹤:PE 比行业中位低 27.2倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位高 3.3个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}