{"F": {"ts_code": "601089.SH", "name": "福元医药", "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": "20220630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.28, "pe_ttm": 20.1562, "pb": 2.0942, "dv_ttm": 2.9945, "total_mv": 781440.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [71.1, 69.6, 68.2, 66.6, 67.1, 65.5], "rev_series": [25.4, 28.4, 32.4, 33.4, 34.5, 35.0], "np_series": [2.6, 3.2, 4.4, 4.9, 4.9, 4.7], "roe_series": [28.4, 28.7, 20.0, 14.7, 13.9, 12.8], "period": "20260630", "rev_ttm": 35.8, "np_ttm": 3.9, "ocf_ttm": 4.0, "fcf_ttm": 2.5, "fcf_yield": 3.2, "ocf_yield": 5.1, "gm_median": 67.1, "gm_std": 1.4, "gm_stab": 0.98, "gm_chg_2022": -2.8, "npm_median": 13.6, "roe_median": 14.7, "commodity": false, "hard_ratio": 34.6, "fix_assets": 16.6, "goodwill_ratio": 0.0, "pb_calc": 2.09, "capex_dep": 1.21, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 22.1, "debt_mv": 0.2, "payout": 49.0, "div_years": 4, "rev_cagr3": 2.6, "np_cagr3": 2.3, "rev_yoy": 4.7, "np_yoy": -30.5, "np_vol": 15.6, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["药品制剂", 92.0], ["医疗器械", 6.0], ["其他", 2.0], ["合计特别调整", 0.0]], "ret_prev_year": 56.7, "ret_prev2_year": -4.7, "ret_ytd": -30.7, "ret_pivot": 21.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -0.7, "ret_120": -27.7, "ret_250": -37.4, "mdd_250": -47.5, "vol_250": 45.8, "pos_52w": 54.7}, "S": {"duration": 40, "pricing": 73, "hard": 55, "bondness": 53}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.2 倍、股息率 3.0%、毛利率近 5 年中位 67.1%、固定资产占比 35%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 35%、毛利率 67.1% 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 5.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.1%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -2.8 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 35%,资本开支/折旧 1.21 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.2 倍 粗算,约 75%(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 -37%,最大回撤 -48%,年化波动 46%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -8% / -1% / -28%。", "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%。", "福元医药:PE 比行业中位低 17.3倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位高 14.6个百分点;固定资产占比 比行业中位高 4.8个百分点。"]}}