{"F": {"ts_code": "603707.SH", "name": "健友股份", "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": "20170719", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.89, "pe_ttm": 26.4022, "pb": 1.8369, "dv_ttm": 1.2659, "total_mv": 1274748.639, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.0, 56.7, 52.4, 48.4, 43.2, 39.4], "rev_series": [29.1, 36.9, 37.1, 39.3, 39.2, 39.9], "np_series": [8.1, 10.6, 10.9, -1.9, 8.3, 5.8], "roe_series": [24.1, 23.3, 18.9, -3.2, 13.4, 8.7], "period": "20260630", "rev_ttm": 39.4, "np_ttm": 4.8, "ocf_ttm": 15.1, "fcf_ttm": 11.6, "fcf_yield": 9.1, "ocf_yield": 11.8, "gm_median": 48.4, "gm_std": 6.2, "gm_stab": 0.87, "gm_chg_2022": -6.6, "npm_median": 21.1, "roe_median": 13.4, "commodity": false, "hard_ratio": 10.2, "fix_assets": 11.0, "goodwill_ratio": 1.1, "pb_calc": 1.84, "capex_dep": 2.79, "interest_debt": 25.6, "debt_ebitda": 2.9, "debt_ratio": 36.3, "debt_mv": 20.1, "payout": 23.7, "div_years": 5, "rev_cagr3": 2.4, "np_cagr3": -18.9, "rev_yoy": -2.7, "np_yoy": -34.5, "np_vol": 231.2, "loss_years": 1, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 5, "fwd_pe": 18.6, "fwd_pe2": 15.1, "fwd_g1": 42.0, "fwd_g2": 23.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["产品", 49.0], ["制剂", 46.0], ["标准肝素原料药", 2.0], ["标准肝素原料", 2.0]], "ret_prev_year": -31.7, "ret_prev2_year": -11.1, "ret_ytd": -11.6, "ret_pivot": -36.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": 4.9, "ret_120": -19.0, "ret_250": -32.1, "mdd_250": -41.3, "vol_250": 29.2, "pos_52w": 67.7}, "S": {"duration": 48, "pricing": 58, "hard": 16, "bondness": 42}, "label": "轻资产现金牛", "tags": ["资本开支扩张期"], "text": {"像什么": ["固定资产占比 10%,毛利率近 5 年中位 48.4%,自由现金流/市值 9.1%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 48.4%),硬资产占比 10%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 9.1%(经营现金流/市值 11.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.4%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -6.6 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 10%,资本开支/折旧 2.79 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.4 倍 粗算,约 81%(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 -32%,最大回撤 -41%,年化波动 29%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -3% / 5% / -19%。", "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%。", "健友股份:PE 比行业中位低 11.1倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位低 19.6个百分点。"]}}