{"F": {"ts_code": "600664.SH", "name": "哈药股份", "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": "19930629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.78, "pe_ttm": 38.2536, "pb": 3.209, "dv_ttm": null, "total_mv": 1959400.7022, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.8, 23.7, 24.7, 26.2, 28.2, 26.0], "rev_series": [107.9, 128.0, 138.1, 154.6, 161.8, 159.6], "np_series": [-10.8, 3.7, 4.6, 4.0, 6.3, 3.6], "roe_series": [-24.1, 10.1, 11.4, 8.7, 12.5, 6.6], "period": "20260630", "rev_ttm": 161.4, "np_ttm": 5.1, "ocf_ttm": 5.3, "fcf_ttm": 3.6, "fcf_yield": 1.8, "ocf_yield": 2.7, "gm_median": 26.0, "gm_std": 1.5, "gm_stab": 0.94, "gm_chg_2022": 2.9, "npm_median": 3.2, "roe_median": 10.1, "commodity": false, "hard_ratio": 15.0, "fix_assets": 22.0, "goodwill_ratio": 0.3, "pb_calc": 3.21, "capex_dep": 0.87, "interest_debt": 13.1, "debt_ebitda": 1.3, "debt_ratio": 53.0, "debt_mv": 6.7, "payout": null, "div_years": 0, "rev_cagr3": 5.0, "np_cagr3": -8.0, "rev_yoy": 2.1, "np_yoy": 58.0, "np_vol": 61.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 1, "fwd_pe": 32.4, "fwd_pe2": 27.8, "fwd_g1": 18.0, "fwd_g2": 17.0, "peg": 1.91, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": -16.5, "ret_prev2_year": 23.3, "ret_ytd": 125.5, "ret_pivot": 153.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.7, "ret_60": 151.8, "ret_120": 116.7, "ret_250": 98.5, "mdd_250": -34.0, "vol_250": 50.8, "pos_52w": 82.0}, "S": {"duration": 62, "pricing": 56, "hard": 24, "bondness": 19}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.3 倍、股息率 —、毛利率近 5 年中位 26.0%、固定资产占比 15%、有息负债/EBITDA 1.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 15%,毛利率近 5 年中位 26.0%。", "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 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 2.9 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 15%,资本开支/折旧 0.87 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.3 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 98%,最大回撤 -34%,年化波动 51%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 14% / 152% / 117%。", "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%。", "哈药股份:PE 比行业中位高 0.8倍;股息率 ;毛利率 比行业中位低 26.5个百分点;固定资产占比 比行业中位低 14.8个百分点。"]}}