{"F": {"ts_code": "603538.SH", "name": "美诺华", "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": "20170407", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.32, "pe_ttm": 79.4675, "pb": 3.1672, "dv_ttm": 0.4052, "total_mv": 928683.8424, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.5, 37.3, 40.1, 30.9, 32.6, 35.0], "rev_series": [11.9, 12.6, 14.6, 12.2, 13.7, 15.0], "np_series": [1.7, 1.4, 3.4, 0.1, 0.7, 1.0], "roe_series": [11.5, 8.6, 17.7, 0.6, 3.1, 4.5], "period": "20260630", "rev_ttm": 16.8, "np_ttm": 1.2, "ocf_ttm": 1.9, "fcf_ttm": 0.6, "fcf_yield": 0.6, "ocf_yield": 2.0, "gm_median": 35.0, "gm_std": 3.3, "gm_stab": 0.91, "gm_chg_2022": 3.6, "npm_median": 7.1, "roe_median": 4.5, "commodity": false, "hard_ratio": 37.7, "fix_assets": 17.9, "goodwill_ratio": 0.0, "pb_calc": 3.17, "capex_dep": 1.08, "interest_debt": 7.8, "debt_ebitda": 2.3, "debt_ratio": 36.1, "debt_mv": 8.4, "payout": 32.3, "div_years": 5, "rev_cagr3": 1.0, "np_cagr3": -32.9, "rev_yoy": 26.8, "np_yoy": 29.8, "np_vol": 197.6, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 1, "fwd_pe": 62.1, "fwd_pe2": 47.9, "fwd_g1": 28.0, "fwd_g2": 30.0, "peg": 2.07, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 52.6, "ret_prev2_year": -33.8, "ret_ytd": 100.4, "ret_pivot": 287.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.4, "ret_60": 3.8, "ret_120": 51.7, "ret_250": 41.0, "mdd_250": -53.3, "vol_250": 71.1, "pos_52w": 56.0}, "S": {"duration": 86, "pricing": 60, "hard": 60, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 79.5 倍、股息率 0.4%、毛利率近 5 年中位 35.0%、固定资产占比 38%、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 38%、毛利率 35.0% 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 0.6%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.0%,稳定度 91%,2020→2022 成本通胀期毛利率变化 3.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 38%,资本开支/折旧 1.08 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 79.5 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 41%,最大回撤 -53%,年化波动 71%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -6% / 4% / 52%。", "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%。", "美诺华:PE 比行业中位高 42.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 17.5个百分点;固定资产占比 比行业中位高 7.9个百分点。"]}}