{"F": {"ts_code": "603351.SH", "name": "威尔药业", "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": "20190130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.69, "pe_ttm": 22.4501, "pb": 1.9454, "dv_ttm": 2.3355, "total_mv": 347943.0479, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.2, 28.2, 27.3, 27.4, 28.3, 28.5], "rev_series": [7.4, 10.4, 11.1, 11.6, 13.0, 13.4], "np_series": [1.0, 1.0, 1.0, 1.1, 1.5, 1.5], "roe_series": [7.9, 7.6, 6.6, 7.3, 8.9, 8.6], "period": "20260630", "rev_ttm": 14.0, "np_ttm": 1.5, "ocf_ttm": 2.6, "fcf_ttm": 2.1, "fcf_yield": 6.0, "ocf_yield": 7.4, "gm_median": 28.2, "gm_std": 0.5, "gm_stab": 0.98, "gm_chg_2022": -6.9, "npm_median": 9.6, "roe_median": 7.6, "commodity": false, "hard_ratio": 56.1, "fix_assets": 13.7, "goodwill_ratio": 0.0, "pb_calc": 1.95, "capex_dep": 0.43, "interest_debt": 4.2, "debt_ebitda": 1.3, "debt_ratio": 26.6, "debt_mv": 12.0, "payout": 37.0, "div_years": 5, "rev_cagr3": 6.3, "np_cagr3": 16.7, "rev_yoy": 9.8, "np_yoy": 5.5, "np_vol": 13.2, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "consensus_n": 1, "fwd_pe": 20.2, "fwd_pe2": 18.0, "fwd_g1": 11.0, "fwd_g2": 13.0, "peg": 1.55, "consensus_disp": null, "mainbz": [["合成润滑基础油", 70.0], ["药用辅料", 24.0], ["乳化剂", 5.0], ["其他主营业务", 1.0]], "ret_prev_year": 7.9, "ret_prev2_year": -6.0, "ret_ytd": 1.1, "ret_pivot": 36.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.3, "ret_60": 0.2, "ret_120": 0.2, "ret_250": -13.4, "mdd_250": -22.6, "vol_250": 33.1, "pos_52w": 87.0}, "S": {"duration": 43, "pricing": 52, "hard": 90, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 22.5 倍、股息率 2.3%、毛利率近 5 年中位 28.2%、固定资产占比 56%、有息负债/EBITDA 1.3 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 56%),没有定价权:毛利率近 5 年中位 28.2%,稳定度 98%。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 6.0%(经营现金流/市值 7.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -6.9 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 56%,资本开支/折旧 0.43 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.5 倍 粗算,约 78%(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 -13%,最大回撤 -23%,年化波动 33%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 -0% / 0% / 0%。", "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%。", "威尔药业:PE 比行业中位低 15.0倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位低 24.3个百分点;固定资产占比 比行业中位高 26.3个百分点。"]}}