{"F": {"ts_code": "600201.SH", "name": "生物股份", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "动物保健Ⅱ", "sw3": "动物保健Ⅲ", "ind": "动物保健Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19990115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.3, "pe_ttm": 94.0907, "pb": 2.5003, "dv_ttm": 0.2988, "total_mv": 1352911.194, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.6, 61.9, 55.2, 59.2, 53.9, 53.5], "rev_series": [15.8, 17.8, 15.3, 16.0, 12.6, 14.0], "np_series": [4.1, 3.8, 2.1, 2.8, 1.1, 1.0], "roe_series": [8.4, 7.5, 4.1, 5.4, 2.0, 1.9], "period": "20260630", "rev_ttm": 15.3, "np_ttm": 1.4, "ocf_ttm": 2.8, "fcf_ttm": 1.4, "fcf_yield": 1.1, "ocf_yield": 2.1, "gm_median": 55.2, "gm_std": 3.3, "gm_stab": 0.94, "gm_chg_2022": -6.4, "npm_median": 13.1, "roe_median": 4.1, "commodity": false, "hard_ratio": 27.2, "fix_assets": 18.0, "goodwill_ratio": 2.1, "pb_calc": 2.5, "capex_dep": 0.9, "interest_debt": 1.0, "debt_ebitda": 0.2, "debt_ratio": 16.5, "debt_mv": 0.7, "payout": 30.8, "div_years": 5, "rev_cagr3": -3.0, "np_cagr3": -22.0, "rev_yoy": 22.1, "np_yoy": 72.3, "np_vol": 33.6, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.1, "consensus_n": 6, "fwd_pe": 57.2, "fwd_pe2": 40.8, "fwd_g1": 64.0, "fwd_g2": 40.0, "peg": 1.43, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 121.3, "ret_prev2_year": -36.1, "ret_ytd": -18.2, "ret_pivot": 114.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.3, "ret_60": 3.4, "ret_120": -18.3, "ret_250": 37.5, "mdd_250": -40.6, "vol_250": 46.4, "pos_52w": 65.6}, "S": {"duration": 90, "pricing": 64, "hard": 44, "bondness": 33}, "label": "中性", "tags": [], "text": {"像什么": ["PE 94.1 倍、股息率 0.3%、毛利率近 5 年中位 55.2%、固定资产占比 27%、有息负债/EBITDA 0.2 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 55.2%),硬资产占比 27%。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 1.1%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -6.4 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 27%,资本开支/折旧 0.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 94.1 倍 粗算,约 95%(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 38%,最大回撤 -41%,年化波动 46%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -11% / 3% / -18%。", "行业对照": ["同申万二级「动物保健Ⅱ」12 家中位:PE 37.8 / 股息率 1.7% / 毛利率 39.9% / 固定资产占比 35% / 分红率 64%。", "生物股份:PE 比行业中位高 56.3倍;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位高 15.3个百分点;固定资产占比 比行业中位低 7.8个百分点。"]}}