{"F": {"ts_code": "600739.SH", "name": "辽宁成大", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "疫苗", "ind": "生物制品", "fin_source": "tushare", "market": "主板", "list_date": "19960819", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.92, "pe_ttm": 10.1423, "pb": 0.5559, "dv_ttm": 1.3736, "total_mv": 1662368.9628, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.9, 12.7, 18.5, 18.2, 14.3, 13.0], "rev_series": [169.4, 183.7, 145.6, 103.0, 107.7, 99.0], "np_series": [27.7, 21.6, 12.2, 2.3, 2.1, 7.4], "roe_series": [12.1, 8.3, 4.3, 0.8, 0.7, 2.5], "period": "20260630", "rev_ttm": 92.1, "np_ttm": 16.4, "ocf_ttm": 5.5, "fcf_ttm": 2.9, "fcf_yield": 1.7, "ocf_yield": 3.3, "gm_median": 14.3, "gm_std": 2.5, "gm_stab": 0.82, "gm_chg_2022": 2.6, "npm_median": 6.2, "roe_median": 2.5, "commodity": false, "hard_ratio": 3.6, "fix_assets": 18.5, "goodwill_ratio": 0.0, "pb_calc": 0.56, "capex_dep": 0.97, "interest_debt": 142.3, "debt_ebitda": null, "debt_ratio": 34.5, "debt_mv": 85.6, "payout": 31.0, "div_years": 5, "rev_cagr3": -12.1, "np_cagr3": -15.6, "rev_yoy": -13.6, "np_yoy": 125.8, "np_vol": 118.7, "loss_years": 0, "far_share": 51.0, "earn_yield": 9.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["国内外贸易", 42.0], ["生物医药", 8.0], ["其他", 0.0]], "ret_prev_year": 8.3, "ret_prev2_year": -11.6, "ret_ytd": -1.0, "ret_pivot": 36.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": 11.9, "ret_120": -9.2, "ret_250": -17.0, "mdd_250": -26.0, "vol_250": 28.2, "pos_52w": 82.8}, "S": {"duration": 22, "pricing": 45, "hard": 6, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 10.1 倍、股息率 1.4%、毛利率近 5 年中位 14.3%、固定资产占比 4%、资产负债率 34%: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 4%,毛利率近 5 年中位 14.3%。", "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 1.7%(经营现金流/市值 3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.3%,稳定度 82%,2020→2022 成本通胀期毛利率变化 2.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 4%,资本开支/折旧 0.97 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.1 倍 粗算,约 51%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -17%,最大回撤 -26%,年化波动 28%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 2% / 12% / -9%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "辽宁成大:PE 比行业中位低 22.0倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 61.4个百分点;固定资产占比 比行业中位低 18.5个百分点。"]}}