{"F": {"ts_code": "603207.SH", "name": "小方制药", "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": "20240826", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.22, "pe_ttm": 21.2268, "pb": 3.5687, "dv_ttm": 4.2116, "total_mv": 408017.987, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.3, 63.3, 59.0, 65.5, 65.6, 65.0], "rev_series": [3.6, 4.0, 4.6, 4.7, 4.7, 5.3], "np_series": [1.6, 1.3, 1.8, 2.0, 2.1, 2.1], "roe_series": [78.2, 56.8, 58.3, 42.8, 22.6, 17.8], "period": "20260630", "rev_ttm": 5.4, "np_ttm": 1.9, "ocf_ttm": 1.7, "fcf_ttm": 0.8, "fcf_yield": 2.0, "ocf_yield": 4.1, "gm_median": 65.0, "gm_std": 2.5, "gm_stab": 0.96, "gm_chg_2022": -4.3, "npm_median": 39.5, "roe_median": 42.8, "commodity": false, "hard_ratio": 27.3, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 3.57, "capex_dep": 36.83, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 12.5, "debt_mv": 0.2, "payout": 90.5, "div_years": 2, "rev_cagr3": 4.8, "np_cagr3": 5.8, "rev_yoy": 4.5, "np_yoy": -12.6, "np_vol": 19.8, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 10.7, "ret_prev2_year": null, "ret_ytd": -10.7, "ret_pivot": 35.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.5, "ret_60": 16.2, "ret_120": -9.4, "ret_250": -26.8, "mdd_250": -38.7, "vol_250": 31.6, "pos_52w": 72.0}, "S": {"duration": 41, "pricing": 70, "hard": 44, "bondness": 72}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 90%、股息率 4.2%、营收 3 年复合 4.8%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 65.0%),硬资产占比 27%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 2.0%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 65.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -4.3 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 27%,资本开支/折旧 36.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.2 倍 粗算,约 76%(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 -27%,最大回撤 -39%,年化波动 32%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 10% / 16% / -9%。", "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%。", "小方制药:PE 比行业中位低 16.3倍;股息率 比行业中位高 3.0个百分点;毛利率 比行业中位高 12.5个百分点;固定资产占比 比行业中位低 2.5个百分点。"]}}