{"F": {"ts_code": "603229.SH", "name": "奥翔药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20170509", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.79, "pe_ttm": 79.7882, "pb": 2.7075, "dv_ttm": 0.8164, "total_mv": 646801.4409, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.4, 54.8, 51.5, 55.0, 54.2, 53.5], "rev_series": [4.1, 5.7, 7.6, 8.2, 8.0, 7.9], "np_series": [0.9, 1.5, 2.4, 2.5, 2.1, 1.3], "roe_series": [9.8, 12.3, 17.3, 14.1, 9.4, 5.8], "period": "20260630", "rev_ttm": 7.8, "np_ttm": 0.8, "ocf_ttm": 0.7, "fcf_ttm": -0.3, "fcf_yield": -0.4, "ocf_yield": 1.1, "gm_median": 54.2, "gm_std": 1.3, "gm_stab": 0.98, "gm_chg_2022": -4.9, "npm_median": 26.0, "roe_median": 12.3, "commodity": false, "hard_ratio": 33.2, "fix_assets": 10.2, "goodwill_ratio": 0.0, "pb_calc": 2.71, "capex_dep": 1.21, "interest_debt": 3.6, "debt_ebitda": 2.3, "debt_ratio": 22.4, "debt_mv": 5.6, "payout": 40.0, "div_years": 5, "rev_cagr3": 1.2, "np_cagr3": -17.8, "rev_yoy": -3.0, "np_yoy": -29.2, "np_vol": 42.0, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 45.0], ["肝病类", 17.0], ["心血管类", 8.0], ["心脑血管类", 8.0]], "ret_prev_year": 0.3, "ret_prev2_year": 7.0, "ret_ytd": -21.0, "ret_pivot": 20.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": -9.3, "ret_120": -17.1, "ret_250": -36.1, "mdd_250": -38.6, "vol_250": 31.5, "pos_52w": 65.8}, "S": {"duration": 86, "pricing": 65, "hard": 53, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 79.8 倍、股息率 0.8%、毛利率近 5 年中位 54.2%、固定资产占比 33%、有息负债/EBITDA 2.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 54.2% 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 -0.4%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -4.9 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 33%,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 79.8 倍 粗算,约 94%(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 -36%,最大回撤 -39%,年化波动 32%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -4% / -9% / -17%。", "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%。", "奥翔药业:PE 比行业中位高 42.3倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 1.7个百分点;固定资产占比 比行业中位高 3.4个百分点。"]}}