{"F": {"ts_code": "600557.SH", "name": "康缘药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "中药Ⅱ", "sw3": "中药Ⅲ", "ind": "中药Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20020918", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.52, "pe_ttm": 22.9604, "pb": 1.4275, "dv_ttm": null, "total_mv": 708830.8176, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.9, 71.9, 72.1, 74.3, 73.2, 71.4], "rev_series": [30.3, 36.5, 43.5, 48.7, 39.0, 32.9], "np_series": [2.6, 3.2, 4.3, 5.4, 3.9, 3.0], "roe_series": [6.5, 7.6, 9.6, 10.8, 8.1, 6.5], "period": "20260630", "rev_ttm": 33.1, "np_ttm": 3.1, "ocf_ttm": 5.5, "fcf_ttm": -0.5, "fcf_yield": -0.8, "ocf_yield": 7.7, "gm_median": 72.1, "gm_std": 1.0, "gm_stab": 0.99, "gm_chg_2022": -0.8, "npm_median": 9.8, "roe_median": 8.1, "commodity": false, "hard_ratio": 44.7, "fix_assets": 31.2, "goodwill_ratio": 0.8, "pb_calc": 1.43, "capex_dep": 3.29, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 26.0, "debt_mv": 0.0, "payout": 80.0, "div_years": 2, "rev_cagr3": -8.9, "np_cagr3": -11.2, "rev_yoy": 1.2, "np_yoy": 3.4, "np_vol": 23.1, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.4, "consensus_n": 5, "fwd_pe": 20.3, "fwd_pe2": 18.1, "fwd_g1": 13.0, "fwd_g2": 12.0, "peg": 1.69, "consensus_disp": null, "mainbz": [["产品", 34.0], ["主营业务", 33.0], ["口服类制剂", 18.0], ["注射剂", 13.0]], "ret_prev_year": 3.6, "ret_prev2_year": -32.4, "ret_ytd": -11.3, "ret_pivot": 3.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.8, "ret_60": 7.0, "ret_120": -12.0, "ret_250": -33.8, "mdd_250": -42.1, "vol_250": 31.1, "pos_52w": 66.7}, "S": {"duration": 44, "pricing": 78, "hard": 72, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 23.0 倍、股息率 —、毛利率近 5 年中位 72.1%、固定资产占比 45%、有息负债/EBITDA 0.0 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 72.1% 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 -0.8%(经营现金流/市值 7.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 72.1%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.8 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 3.29 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.0 倍 粗算,约 78%(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 -34%,最大回撤 -42%,年化波动 31%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -2% / 7% / -12%。", "行业对照": ["同申万二级「中药Ⅱ」68 家中位:PE 23.1 / 股息率 2.8% / 毛利率 57.5% / 固定资产占比 23% / 分红率 64%。", "康缘药业:PE 比行业中位低 0.1倍;股息率 ;毛利率 比行业中位高 14.6个百分点;固定资产占比 比行业中位高 21.3个百分点。"]}}