{"F": {"ts_code": "603127.SH", "name": "昭衍新药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "主板", "list_date": "20170825", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.94, "pe_ttm": 32.6861, "pb": 3.5852, "dv_ttm": 0.2781, "total_mv": 3217701.1708, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.4, 48.7, 47.9, 42.6, 28.4, 20.7], "rev_series": [10.8, 15.2, 22.7, 23.8, 20.2, 16.6], "np_series": [3.2, 5.6, 10.7, 4.0, 0.7, 3.0], "roe_series": [30.7, 13.3, 14.0, 4.8, 0.9, 3.6], "period": "20260630", "rev_ttm": 16.9, "np_ttm": 9.8, "ocf_ttm": 7.4, "fcf_ttm": 2.8, "fcf_yield": 0.9, "ocf_yield": 2.3, "gm_median": 42.6, "gm_std": 11.2, "gm_stab": 0.74, "gm_chg_2022": -3.5, "npm_median": 18.0, "roe_median": 4.8, "commodity": false, "hard_ratio": 9.5, "fix_assets": 10.3, "goodwill_ratio": 0.5, "pb_calc": 3.59, "capex_dep": 4.77, "interest_debt": 0.3, "debt_ebitda": 0.3, "debt_ratio": 17.1, "debt_mv": 0.1, "payout": 30.0, "div_years": 5, "rev_cagr3": -9.9, "np_cagr3": -34.8, "rev_yoy": 5.3, "np_yoy": 1126.8, "np_vol": 137.8, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 13, "fwd_pe": 51.1, "fwd_pe2": 51.4, "fwd_g1": -36.0, "fwd_g2": -1.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["药物非临床研究服务", 32.0], ["药物临床前研究服务", 32.0], ["临床服务", 1.0]], "ret_prev_year": 111.7, "ret_prev2_year": -29.6, "ret_ytd": 23.1, "ret_pivot": 218.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.6, "ret_60": 37.3, "ret_120": 33.0, "ret_250": 31.1, "mdd_250": -38.5, "vol_250": 65.5, "pos_52w": 79.7}, "S": {"duration": 56, "pricing": 52, "hard": 15, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 32.7 倍、股息率 0.3%、毛利率近 5 年中位 42.6%、固定资产占比 10%、有息负债/EBITDA 0.3 倍: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 10%,毛利率近 5 年中位 42.6%。", "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 0.9%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.6%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -3.5 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 10%,资本开支/折旧 4.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.7 倍 粗算,约 85%(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 31%,最大回撤 -38%,年化波动 66%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -16% / 37% / 33%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "昭衍新药:PE 比行业中位低 40.4倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位低 9.4个百分点。"]}}