{"F": {"ts_code": "600488.SH", "name": "津药药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20010618", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.15, "pe_ttm": 87.2714, "pb": 1.8597, "dv_ttm": 1.0097, "total_mv": 562321.6505, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.0, 47.6, 49.1, 46.4, 45.4, 40.9], "rev_series": [31.2, 37.5, 36.9, 37.8, 32.2, 29.1], "np_series": [0.3, 0.5, 0.4, 1.2, 1.3, 0.7], "roe_series": [1.1, 1.6, 1.2, 4.0, 4.4, 2.3], "period": "20260630", "rev_ttm": 26.3, "np_ttm": 0.6, "ocf_ttm": 3.1, "fcf_ttm": 2.6, "fcf_yield": 4.6, "ocf_yield": 5.5, "gm_median": 46.4, "gm_std": 2.8, "gm_stab": 0.94, "gm_chg_2022": 3.1, "npm_median": 4.2, "roe_median": 2.3, "commodity": false, "hard_ratio": 44.8, "fix_assets": 25.7, "goodwill_ratio": 0.0, "pb_calc": 1.86, "capex_dep": 0.21, "interest_debt": 6.8, "debt_ebitda": 1.5, "debt_ratio": 33.1, "debt_mv": 12.0, "payout": 80.3, "div_years": 5, "rev_cagr3": -7.6, "np_cagr3": 25.8, "rev_yoy": -17.3, "np_yoy": -12.4, "np_vol": 99.1, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 38.0], ["甾体激素类", 25.0], ["其他", 10.0], ["制剂", 10.0]], "ret_prev_year": -1.3, "ret_prev2_year": -12.3, "ret_ytd": 27.5, "ret_pivot": 39.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.9, "ret_60": 2.4, "ret_120": 23.6, "ret_250": 15.8, "mdd_250": -43.8, "vol_250": 64.9, "pos_52w": 66.6}, "S": {"duration": 89, "pricing": 66, "hard": 72, "bondness": 59}, "label": "中性", "tags": [], "text": {"像什么": ["PE 87.3 倍、股息率 1.0%、毛利率近 5 年中位 46.4%、固定资产占比 45%、有息负债/EBITDA 1.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 45%、毛利率 46.4% 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 4.6%(经营现金流/市值 5.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 3.1 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 45%,资本开支/折旧 0.21 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 87.3 倍 粗算,约 94%(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 16%,最大回撤 -44%,年化波动 65%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -13% / 2% / 24%。", "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%。", "津药药业:PE 比行业中位高 49.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 6.1个百分点;固定资产占比 比行业中位高 15.0个百分点。"]}}