{"F": {"ts_code": "600079.SH", "name": "ST人福", "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": "19970606", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.73, "pe_ttm": 15.0583, "pb": 1.5833, "dv_ttm": 2.5627, "total_mv": 3057159.298, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.0, 42.7, 43.5, 45.8, 44.6, 48.2], "rev_series": [206.8, 205.5, 223.4, 245.2, 254.4, 239.6], "np_series": [10.1, 13.2, 24.8, 21.3, 13.3, 18.6], "roe_series": [9.7, 11.2, 17.8, 13.3, 7.7, 10.2], "period": "20260630", "rev_ttm": 239.6, "np_ttm": 20.3, "ocf_ttm": 26.6, "fcf_ttm": 20.5, "fcf_yield": 6.7, "ocf_yield": 8.7, "gm_median": 44.6, "gm_std": 1.9, "gm_stab": 0.96, "gm_chg_2022": 1.6, "npm_median": 10.4, "roe_median": 11.2, "commodity": false, "hard_ratio": 24.5, "fix_assets": 91.2, "goodwill_ratio": 1.0, "pb_calc": 1.58, "capex_dep": 0.79, "interest_debt": 82.2, "debt_ebitda": 1.6, "debt_ratio": 39.7, "debt_mv": 26.9, "payout": 42.1, "div_years": 5, "rev_cagr3": 2.4, "np_cagr3": -9.3, "rev_yoy": -0.0, "np_yoy": 15.1, "np_vol": 44.0, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["主营业务", 33.0], ["销售商品", 33.0], ["提供劳务", 0.0]], "ret_prev_year": -21.9, "ret_prev2_year": -3.7, "ret_ytd": 6.2, "ret_pivot": 23.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.3, "ret_60": 13.2, "ret_120": 0.5, "ret_250": -7.7, "mdd_250": -29.5, "vol_250": 25.3, "pos_52w": 83.1}, "S": {"duration": 31, "pricing": 65, "hard": 39, "bondness": 53}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.1 倍、股息率 2.6%、毛利率近 5 年中位 44.6%、固定资产占比 24%、有息负债/EBITDA 1.6 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 44.6%),硬资产占比 24%。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 6.7%(经营现金流/市值 8.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 1.6 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 24%,资本开支/折旧 0.79 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -30%,年化波动 25%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 4% / 13% / 0%。", "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%。", "ST人福:PE 比行业中位低 22.4倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 7.9个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}