{"F": {"ts_code": "600812.SH", "name": "华北制药", "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": "19940114", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.69, "pe_ttm": 65.2064, "pb": 1.4582, "dv_ttm": 0.7463, "total_mv": 804677.5576, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.4, 35.5, 33.4, 32.0, 32.0, 31.0], "rev_series": [114.9, 103.8, 105.0, 101.2, 98.7, 92.4], "np_series": [1.0, 0.2, -6.9, 0.0, 1.3, 1.8], "roe_series": [1.7, 0.3, -12.1, 0.1, 2.4, 3.4], "period": "20260630", "rev_ttm": 81.9, "np_ttm": 1.2, "ocf_ttm": 12.4, "fcf_ttm": 6.7, "fcf_yield": 8.4, "ocf_yield": 15.4, "gm_median": 32.0, "gm_std": 1.5, "gm_stab": 0.95, "gm_chg_2022": -3.0, "npm_median": 0.5, "roe_median": 0.3, "commodity": false, "hard_ratio": 30.6, "fix_assets": 64.7, "goodwill_ratio": 0.0, "pb_calc": 1.46, "capex_dep": 0.84, "interest_debt": 109.4, "debt_ebitda": 7.2, "debt_ratio": 67.5, "debt_mv": 135.9, "payout": 186.9, "div_years": 3, "rev_cagr3": -4.2, "np_cagr3": null, "rev_yoy": -20.0, "np_yoy": -48.3, "np_vol": 2012.3, "loss_years": 1, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["抗感染类", 46.0], ["医药及其他物流贸易", 8.0], ["农药、兽药类", 8.0], ["防疫类", 7.0]], "ret_prev_year": 7.6, "ret_prev2_year": -9.2, "ret_ytd": -14.6, "ret_pivot": 4.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.4, "ret_60": 7.8, "ret_120": -17.1, "ret_250": -28.0, "mdd_250": -35.7, "vol_250": 27.3, "pos_52w": 71.8}, "S": {"duration": 80, "pricing": 54, "hard": 49, "bondness": 74}, "label": "中性", "tags": [], "text": {"像什么": ["PE 65.2 倍、股息率 0.7%、毛利率近 5 年中位 32.0%、固定资产占比 31%、有息负债/EBITDA 7.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 32.0% 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 8.4%(经营现金流/市值 15.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.0%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -3.0 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 31%,资本开支/折旧 0.84 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 65.2 倍 粗算,约 92%(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 -28%,最大回撤 -36%,年化波动 27%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 -5% / 8% / -17%。", "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%。", "华北制药:PE 比行业中位高 27.7倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 20.5个百分点;固定资产占比 比行业中位高 0.8个百分点。"]}}