{"F": {"ts_code": "603079.SH", "name": "圣达生物", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "食品及饲料添加剂", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20170823", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.88, "pe_ttm": 54.2517, "pb": 1.5337, "dv_ttm": 0.7699, "total_mv": 243470.1248, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.6, 28.9, 17.7, 16.0, 21.3, 26.2], "rev_series": [8.7, 7.9, 7.4, 7.3, 8.3, 8.4], "np_series": [2.0, 0.8, 0.3, -0.5, 0.3, 0.6], "roe_series": [18.0, 5.8, 2.4, -4.2, 2.3, 4.4], "period": "20260630", "rev_ttm": 8.3, "np_ttm": 0.4, "ocf_ttm": 1.3, "fcf_ttm": 0.0, "fcf_yield": 0.0, "ocf_yield": 5.2, "gm_median": 21.3, "gm_std": 4.9, "gm_stab": 0.77, "gm_chg_2022": -36.9, "npm_median": 4.5, "roe_median": 2.4, "commodity": false, "hard_ratio": 43.1, "fix_assets": 9.8, "goodwill_ratio": 0.5, "pb_calc": 1.53, "capex_dep": 1.67, "interest_debt": 3.4, "debt_ebitda": 2.3, "debt_ratio": 28.5, "debt_mv": 13.9, "payout": 28.6, "div_years": 4, "rev_cagr3": 4.6, "np_cagr3": 25.4, "rev_yoy": -2.9, "np_yoy": -45.7, "np_vol": 151.1, "loss_years": 1, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 37.0], ["生鲜保鲜剂", 22.0], ["生物保鲜剂及功能配料", 22.0], ["维生素", 11.0]], "ret_prev_year": 31.8, "ret_prev2_year": -7.2, "ret_ytd": -26.9, "ret_pivot": 25.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.7, "ret_60": 1.7, "ret_120": -28.1, "ret_250": -27.8, "mdd_250": -54.1, "vol_250": 46.0, "pos_52w": 58.8}, "S": {"duration": 74, "pricing": 41, "hard": 69, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 54.3 倍、股息率 0.8%、毛利率近 5 年中位 21.3%、固定资产占比 43%、有息负债/EBITDA 2.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 43%),没有定价权:毛利率近 5 年中位 21.3%,稳定度 77%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.0%(经营现金流/市值 5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.3%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -36.9 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 43%,资本开支/折旧 1.67 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 54.3 倍 粗算,约 91%(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 -54%,年化波动 46%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 10% / 2% / -28%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "圣达生物:PE 比行业中位高 18.4倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位高 8.6个百分点。"]}}