{"F": {"ts_code": "603367.SH", "name": "辰欣药业", "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": "20170929", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.48, "pe_ttm": 14.3603, "pb": 1.0273, "dv_ttm": 2.4033, "total_mv": 655587.9368, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.2, 55.5, 56.0, 58.8, 56.6, 51.9], "rev_series": [36.7, 37.8, 40.7, 44.6, 39.8, 34.4], "np_series": [4.4, 3.3, 3.5, 5.2, 5.1, 4.2], "roe_series": [9.4, 6.8, 6.7, 9.4, 8.7, 6.9], "period": "20260630", "rev_ttm": 34.0, "np_ttm": 4.6, "ocf_ttm": 5.4, "fcf_ttm": 5.1, "fcf_yield": 7.8, "ocf_yield": 8.2, "gm_median": 56.0, "gm_std": 2.2, "gm_stab": 0.96, "gm_chg_2022": -1.2, "npm_median": 11.8, "roe_median": 6.9, "commodity": false, "hard_ratio": 20.2, "fix_assets": 15.8, "goodwill_ratio": 0.0, "pb_calc": 1.03, "capex_dep": 0.14, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 18.0, "debt_mv": 0.5, "payout": 37.9, "div_years": 5, "rev_cagr3": -5.4, "np_cagr3": 6.4, "rev_yoy": -2.7, "np_yoy": 15.4, "np_vol": 25.6, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["大输液", 17.0], ["大容量注射剂", 17.0], ["小容量注射剂", 12.0]], "ret_prev_year": 30.3, "ret_prev2_year": -1.8, "ret_ytd": -15.6, "ret_pivot": 30.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.3, "ret_60": 11.1, "ret_120": -14.5, "ret_250": -50.3, "mdd_250": -55.3, "vol_250": 45.5, "pos_52w": 51.9}, "S": {"duration": 30, "pricing": 68, "hard": 32, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.4 倍、股息率 2.4%、毛利率近 5 年中位 56.0%、固定资产占比 20%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 56.0%),硬资产占比 20%。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": "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 7.8%(经营现金流/市值 8.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -1.2 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 20%,资本开支/折旧 0.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.4 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -50%,最大回撤 -55%,年化波动 46%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -3% / 11% / -14%。", "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%。", "辰欣药业:PE 比行业中位低 23.1倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位低 9.6个百分点。"]}}