{"F": {"ts_code": "603811.SH", "name": "诚意药业", "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": "20170315", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.21, "pe_ttm": 18.6065, "pb": 2.3279, "dv_ttm": 2.9721, "total_mv": 330380.946, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [74.4, 72.2, 68.4, 64.2, 69.5, 69.8], "rev_series": [7.6, 6.9, 6.5, 6.7, 7.1, 8.1], "np_series": [1.7, 1.7, 1.6, 1.6, 2.0, 2.0], "roe_series": [20.3, 18.4, 15.6, 14.3, 16.4, 14.7], "period": "20260630", "rev_ttm": 8.3, "np_ttm": 1.8, "ocf_ttm": 2.8, "fcf_ttm": 2.1, "fcf_yield": 6.4, "ocf_yield": 8.5, "gm_median": 69.5, "gm_std": 2.6, "gm_stab": 0.96, "gm_chg_2022": -6.0, "npm_median": 24.6, "roe_median": 15.6, "commodity": false, "hard_ratio": 50.3, "fix_assets": 8.8, "goodwill_ratio": 0.0, "pb_calc": 2.33, "capex_dep": 0.75, "interest_debt": 0.7, "debt_ebitda": 0.3, "debt_ratio": 18.5, "debt_mv": 2.0, "payout": 41.0, "div_years": 5, "rev_cagr3": 7.4, "np_cagr3": 6.5, "rev_yoy": 3.6, "np_yoy": -15.6, "np_vol": 10.1, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.4, "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], ["制剂", 44.0], ["原料药", 5.0], ["食品", 1.0]], "ret_prev_year": 42.3, "ret_prev2_year": -25.5, "ret_ytd": -1.0, "ret_pivot": 77.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.0, "ret_60": 1.3, "ret_120": -11.4, "ret_250": -29.7, "mdd_250": -32.7, "vol_250": 32.0, "pos_52w": 70.0}, "S": {"duration": 37, "pricing": 72, "hard": 80, "bondness": 46}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.6 倍、股息率 3.0%、毛利率近 5 年中位 69.5%、固定资产占比 50%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 50%、毛利率 69.5% 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 6.4%(经营现金流/市值 8.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 69.5%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -6.0 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 50%,资本开支/折旧 0.75 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.6 倍 粗算,约 73%(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 -30%,最大回撤 -33%,年化波动 32%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -3% / 1% / -11%。", "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%。", "诚意药业:PE 比行业中位低 18.9倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位高 17.0个百分点;固定资产占比 比行业中位高 20.5个百分点。"]}}