{"F": {"ts_code": "600867.SH", "name": "通化东宝", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "主板", "list_date": "19940824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.02, "pe_ttm": 12.0882, "pb": 2.2982, "dv_ttm": 3.736, "total_mv": 1570751.3256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [79.7, 82.4, 77.8, 80.1, 73.9, 70.3], "rev_series": [28.9, 32.7, 27.8, 30.8, 20.1, 29.5], "np_series": [9.3, 13.1, 15.8, 11.7, -0.4, 12.2], "roe_series": [17.6, 22.2, 24.8, 17.0, -0.6, 18.1], "period": "20260630", "rev_ttm": 31.3, "np_ttm": 13.0, "ocf_ttm": 9.0, "fcf_ttm": 3.4, "fcf_yield": 2.1, "ocf_yield": 5.8, "gm_median": 77.8, "gm_std": 4.3, "gm_stab": 0.94, "gm_chg_2022": -1.9, "npm_median": 40.0, "roe_median": 18.1, "commodity": false, "hard_ratio": 30.7, "fix_assets": 24.0, "goodwill_ratio": 0.0, "pb_calc": 2.3, "capex_dep": 2.8, "interest_debt": 6.8, "debt_ebitda": 0.7, "debt_ratio": 13.0, "debt_mv": 4.3, "payout": 45.4, "div_years": 5, "rev_cagr3": 2.0, "np_cagr3": -8.3, "rev_yoy": 11.1, "np_yoy": 37.3, "np_vol": 1210.1, "loss_years": 1, "far_share": 59.0, "earn_yield": 8.3, "consensus_n": 10, "fwd_pe": 24.2, "fwd_pe2": 20.4, "fwd_g1": -50.0, "fwd_g2": 19.0, "peg": 1.27, "consensus_disp": null, "mainbz": [["产品", 50.0], ["生物制品(原料药及制剂产品)", 44.0], ["注射用笔、血糖试纸等医疗器械", 3.0], ["中成药和化药", 2.0]], "ret_prev_year": 4.8, "ret_prev2_year": -25.1, "ret_ytd": 1.9, "ret_pivot": 23.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.8, "ret_60": 8.7, "ret_120": -8.0, "ret_250": -3.5, "mdd_250": -27.7, "vol_250": 32.9, "pos_52w": 78.7}, "S": {"duration": 26, "pricing": 78, "hard": 49, "bondness": 58}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 45%、股息率 3.7%、营收 3 年复合 2.0%、有息负债/EBITDA 0.7 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 31%、毛利率 77.8% 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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.1%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 77.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -1.9 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 31%,资本开支/折旧 2.80 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.1 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -4%,最大回撤 -28%,年化波动 33%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -5% / 9% / -8%。", "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%。", "通化东宝:PE 比行业中位低 20.0倍;股息率 比行业中位高 2.5个百分点;毛利率 比行业中位高 2.1个百分点;固定资产占比 比行业中位高 8.6个百分点。"]}}