{"F": {"ts_code": "600276.SH", "name": "恒瑞医药", "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": "20001018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 46.02, "pe_ttm": 39.5326, "pb": 4.738, "dv_ttm": 0.4341, "total_mv": 30544393.9398, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [87.9, 85.6, 83.6, 84.6, 86.2, 86.2], "rev_series": [277.3, 259.1, 212.8, 228.2, 279.8, 316.3], "np_series": [63.3, 45.3, 39.1, 43.0, 63.4, 77.1], "roe_series": [22.9, 13.8, 10.7, 11.0, 14.7, 14.4], "period": "20260630", "rev_ttm": 313.2, "np_ttm": 77.3, "ocf_ttm": 89.2, "fcf_ttm": 56.5, "fcf_yield": 1.8, "ocf_yield": 2.9, "gm_median": 85.6, "gm_std": 1.0, "gm_stab": 0.99, "gm_chg_2022": -4.3, "npm_median": 18.7, "roe_median": 13.8, "commodity": false, "hard_ratio": 11.9, "fix_assets": 83.9, "goodwill_ratio": 0.0, "pb_calc": 4.74, "capex_dep": 4.43, "interest_debt": 0.7, "debt_ebitda": 0.0, "debt_ratio": 8.2, "debt_mv": 0.0, "payout": 20.0, "div_years": 5, "rev_cagr3": 14.1, "np_cagr3": 25.4, "rev_yoy": -1.9, "np_yoy": 0.3, "np_vol": 26.6, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 27, "fwd_pe": 32.9, "fwd_pe2": 28.1, "fwd_g1": 20.0, "fwd_g2": 17.0, "peg": 1.94, "consensus_disp": null, "mainbz": [["销售商品", 45.0], ["主营业务", 45.0], ["其他业务", 5.0], ["专利许可收入", 5.0]], "ret_prev_year": 30.5, "ret_prev2_year": 1.9, "ret_ytd": -22.5, "ret_pivot": 8.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.7, "ret_60": -2.0, "ret_120": -16.2, "ret_250": -30.3, "mdd_250": -36.9, "vol_250": 34.2, "pos_52w": 63.7}, "S": {"duration": 63, "pricing": 82, "hard": 19, "bondness": 16}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 39.5 倍、股息率 0.4%、毛利率近 5 年中位 85.6%、固定资产占比 12%、有息负债/EBITDA 0.0 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 85.6%),硬资产占比 12%。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 1.8%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 85.6%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -4.3 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 12%,资本开支/折旧 4.43 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.5 倍 粗算,约 87%(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 -30%,最大回撤 -37%,年化波动 34%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -16% / -2% / -16%。", "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%。", "恒瑞医药:PE 比行业中位高 2.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 33.1个百分点;固定资产占比 比行业中位低 17.9个百分点。"]}}