{"F": {"ts_code": "600613.SH", "name": "神奇制药", "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": "19920820", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.02, "pe_ttm": 175.805, "pb": 2.0983, "dv_ttm": 0.7761, "total_mv": 481732.5832, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.6, 60.2, 52.9, 49.9, 47.5, 45.1], "rev_series": [18.2, 23.0, 23.9, 23.4, 20.5, 19.5], "np_series": [-3.4, 0.7, 0.5, 0.6, 0.7, 0.4], "roe_series": [-13.9, 3.0, 2.1, 2.4, 3.0, 1.6], "period": "20260630", "rev_ttm": 18.4, "np_ttm": 0.3, "ocf_ttm": 1.8, "fcf_ttm": 1.5, "fcf_yield": 3.2, "ocf_yield": 3.6, "gm_median": 49.9, "gm_std": 5.2, "gm_stab": 0.9, "gm_chg_2022": -6.7, "npm_median": 2.5, "roe_median": 2.4, "commodity": false, "hard_ratio": 33.6, "fix_assets": 9.8, "goodwill_ratio": 8.4, "pb_calc": 2.1, "capex_dep": 0.28, "interest_debt": 0.6, "debt_ebitda": 0.3, "debt_ratio": 18.1, "debt_mv": 1.2, "payout": 100.0, "div_years": 5, "rev_cagr3": -6.5, "np_cagr3": -7.6, "rev_yoy": -11.7, "np_yoy": -33.0, "np_vol": 58.4, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["主营业务", 33.0], ["其他特色产品系列", 17.0], ["抗肿瘤药系列", 8.0]], "ret_prev_year": -9.6, "ret_prev2_year": -8.9, "ret_ytd": 50.3, "ret_pivot": 79.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 77.2, "ret_60": 88.7, "ret_120": 43.9, "ret_250": 29.6, "mdd_250": -36.5, "vol_250": 44.5, "pos_52w": 72.7}, "S": {"duration": 99, "pricing": 60, "hard": 54, "bondness": 61}, "label": "中性", "tags": [], "text": {"像什么": ["PE 175.8 倍、股息率 0.8%、毛利率近 5 年中位 49.9%、固定资产占比 34%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 34%、毛利率 49.9% 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 3.2%(经营现金流/市值 3.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.9%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -6.7 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 34%,资本开支/折旧 0.28 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 175.8 倍 粗算,约 97%(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 -36%,年化波动 44%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 77% / 89% / 44%。", "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%。", "神奇制药:PE 比行业中位高 138.3倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 2.6个百分点;固定资产占比 比行业中位高 3.8个百分点。"]}}