{"F": {"ts_code": "603676.SH", "name": "卫信康", "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": "20170721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.08, "pe_ttm": 20.4732, "pb": 2.5644, "dv_ttm": 3.5779, "total_mv": 395126.642, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.3, 51.6, 52.6, 50.8, 54.2, 61.5], "rev_series": [7.2, 10.3, 14.0, 13.2, 13.0, 11.4], "np_series": [0.6, 1.0, 1.8, 2.1, 2.5, 2.3], "roe_series": [6.1, 9.4, 15.5, 16.7, 18.1, 16.3], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 1.9, "ocf_ttm": 2.4, "fcf_ttm": 1.6, "fcf_yield": 4.0, "ocf_yield": 6.2, "gm_median": 52.6, "gm_std": 3.8, "gm_stab": 0.93, "gm_chg_2022": 6.3, "npm_median": 16.2, "roe_median": 16.3, "commodity": false, "hard_ratio": 20.3, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 2.56, "capex_dep": 2.2, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 21.6, "debt_mv": 0.3, "payout": 60.0, "div_years": 5, "rev_cagr3": -6.7, "np_cagr3": 9.6, "rev_yoy": -0.3, "np_yoy": -21.8, "np_vol": 33.2, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["市场服务", 31.0], ["药品", 19.0]], "ret_prev_year": 9.5, "ret_prev2_year": -0.3, "ret_ytd": -12.2, "ret_pivot": 34.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": 4.1, "ret_120": -14.8, "ret_250": -27.0, "mdd_250": -37.0, "vol_250": 27.9, "pos_52w": 71.2}, "S": {"duration": 40, "pricing": 70, "hard": 32, "bondness": 62}, "label": "定价权·品牌", "tags": ["现金流红利", "资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 20%)但有定价权:毛利率近 5 年中位 52.6%,稳定度 93%、ROE 近 5 年中位 16.3%。", "自由现金流/市值 4.0%,分红率 60%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 52.6%),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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.0%(经营现金流/市值 6.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 6.3 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 20%,资本开支/折旧 2.20 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.5 倍 粗算,约 76%(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 -27%,最大回撤 -37%,年化波动 28%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 0% / 4% / -15%。", "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%。", "卫信康:PE 比行业中位低 17.0倍;股息率 比行业中位高 2.4个百分点;毛利率 比行业中位高 0.1个百分点;固定资产占比 比行业中位低 9.5个百分点。"]}}