{"F": {"ts_code": "600267.SH", "name": "海正药业", "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": "20000725", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.64, "pe_ttm": 15.6453, "pb": 1.5279, "dv_ttm": 1.7707, "total_mv": 1373836.7244, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.3, 42.7, 44.2, 41.5, 42.5, 44.8], "rev_series": [113.5, 121.4, 113.8, 100.5, 103.4, 105.5], "np_series": [4.2, 4.9, 4.9, -0.9, 6.0, 5.4], "roe_series": [6.4, 7.0, 6.4, -1.2, 7.3, 6.4], "period": "20260630", "rev_ttm": 97.7, "np_ttm": 8.8, "ocf_ttm": 16.5, "fcf_ttm": 11.7, "fcf_yield": 8.5, "ocf_yield": 12.0, "gm_median": 42.7, "gm_std": 1.2, "gm_stab": 0.97, "gm_chg_2022": 0.9, "npm_median": 4.4, "roe_median": 6.4, "commodity": false, "hard_ratio": 49.6, "fix_assets": 67.3, "goodwill_ratio": 0.0, "pb_calc": 1.53, "capex_dep": 0.59, "interest_debt": 17.7, "debt_ebitda": 0.8, "debt_ratio": 31.8, "debt_mv": 12.9, "payout": 43.0, "div_years": 4, "rev_cagr3": -2.5, "np_cagr3": 3.4, "rev_yoy": -14.8, "np_yoy": 112.8, "np_vol": 313.0, "loss_years": 1, "far_share": 68.0, "earn_yield": 6.4, "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], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 22.8, "ret_prev2_year": -11.9, "ret_ytd": 20.2, "ret_pivot": 76.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.2, "ret_60": 24.0, "ret_120": 12.6, "ret_250": 3.6, "mdd_250": -20.1, "vol_250": 36.9, "pos_52w": 81.0}, "S": {"duration": 32, "pricing": 63, "hard": 79, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.6 倍、股息率 1.8%、毛利率近 5 年中位 42.7%、固定资产占比 50%、有息负债/EBITDA 0.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 50%、毛利率 42.7% 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 8.5%(经营现金流/市值 12.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.7%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.9 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 50%,资本开支/折旧 0.59 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.6 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 4%,最大回撤 -20%,年化波动 37%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -11% / 24% / 13%。", "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%。", "海正药业:PE 比行业中位低 21.9倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 9.8个百分点;固定资产占比 比行业中位高 19.8个百分点。"]}}