{"F": {"ts_code": "603590.SH", "name": "康辰药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "主板", "list_date": "20180827", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.03, "pe_ttm": 27.9828, "pb": 1.4994, "dv_ttm": 1.1508, "total_mv": 477508.5315, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [92.7, 86.9, 85.4, 89.0, 89.6, 89.9], "rev_series": [8.1, 8.1, 8.7, 9.2, 8.3, 9.2], "np_series": [1.8, 1.5, 1.0, 1.5, 0.4, 1.7], "roe_series": [6.3, 5.0, 3.5, 5.0, 1.4, 5.2], "period": "20260630", "rev_ttm": 9.2, "np_ttm": 1.7, "ocf_ttm": 1.3, "fcf_ttm": 0.8, "fcf_yield": 1.7, "ocf_yield": 2.8, "gm_median": 89.0, "gm_std": 1.7, "gm_stab": 0.98, "gm_chg_2022": -7.2, "npm_median": 18.5, "roe_median": 5.0, "commodity": false, "hard_ratio": 9.3, "fix_assets": 3.8, "goodwill_ratio": 0.0, "pb_calc": 1.5, "capex_dep": 1.9, "interest_debt": 3.8, "debt_ebitda": 1.6, "debt_ratio": 15.7, "debt_mv": 7.9, "payout": 33.3, "div_years": 5, "rev_cagr3": 1.8, "np_cagr3": 17.8, "rev_yoy": 0.4, "np_yoy": 5.1, "np_vol": 130.6, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 13, "fwd_pe": 25.8, "fwd_pe2": 22.2, "fwd_g1": 8.0, "fwd_g2": 16.0, "peg": 1.61, "consensus_disp": null, "mainbz": [["产品", 44.0], ["苏灵", 32.0], ["鲑降钙素（密盖息）", 12.0], ["鲑降钙素(密盖息)", 12.0]], "ret_prev_year": 74.6, "ret_prev2_year": -38.7, "ret_ytd": -23.8, "ret_pivot": 56.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.8, "ret_60": 3.2, "ret_120": -20.4, "ret_250": -42.9, "mdd_250": -54.8, "vol_250": 49.8, "pos_52w": 48.9}, "S": {"duration": 50, "pricing": 83, "hard": 15, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.0 倍、股息率 1.2%、毛利率近 5 年中位 89.0%、固定资产占比 9%、有息负债/EBITDA 1.6 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 89.0%),硬资产占比 9%。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 1.7%(经营现金流/市值 2.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 89.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -7.2 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 9%,资本开支/折旧 1.90 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.0 倍 粗算,约 82%(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 -43%,最大回撤 -55%,年化波动 50%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -9% / 3% / -20%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "康辰药业:PE 比行业中位低 4.1倍;股息率 与行业中位持平;毛利率 比行业中位高 13.3个百分点;固定资产占比 比行业中位低 12.8个百分点。"]}}