{"F": {"ts_code": "605116.SH", "name": "奥锐特", "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": "20200921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.64, "pe_ttm": 21.384, "pb": 3.0026, "dv_ttm": 1.7193, "total_mv": 797743.8048, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.3, 49.1, 51.6, 55.9, 58.6, 59.7], "rev_series": [7.2, 8.0, 10.1, 12.6, 14.8, 17.0], "np_series": [1.6, 1.7, 2.1, 2.9, 3.5, 4.5], "roe_series": [13.3, 11.7, 13.3, 15.9, 16.5, 18.0], "period": "20260630", "rev_ttm": 17.0, "np_ttm": 3.7, "ocf_ttm": 4.1, "fcf_ttm": 0.3, "fcf_yield": 0.3, "ocf_yield": 5.2, "gm_median": 55.9, "gm_std": 4.0, "gm_stab": 0.93, "gm_chg_2022": 4.4, "npm_median": 22.9, "roe_median": 15.9, "commodity": false, "hard_ratio": 44.2, "fix_assets": 18.4, "goodwill_ratio": 0.0, "pb_calc": 2.98, "capex_dep": 2.57, "interest_debt": 9.7, "debt_ebitda": 1.5, "debt_ratio": 35.8, "debt_mv": 12.2, "payout": 31.0, "div_years": 5, "rev_cagr3": 19.0, "np_cagr3": 28.7, "rev_yoy": 0.8, "np_yoy": -32.4, "np_vol": 9.6, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.7, "consensus_n": 5, "fwd_pe": 16.9, "fwd_pe2": 14.2, "fwd_g1": 26.0, "fwd_g2": 19.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["产品", 50.0], ["原料药及中间体销售", 43.0], ["成品药销售", 6.0], ["原料药及中间体贸易", 1.0]], "ret_prev_year": 20.6, "ret_prev2_year": -17.9, "ret_ytd": -20.5, "ret_pivot": 0.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.4, "ret_60": 0.8, "ret_120": -22.6, "ret_250": -16.6, "mdd_250": -47.1, "vol_250": 41.7, "pos_52w": 57.6}, "S": {"duration": 41, "pricing": 71, "hard": 71, "bondness": 27}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 21.4 倍、股息率 1.7%、毛利率近 5 年中位 55.9%、固定资产占比 44%、有息负债/EBITDA 1.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 44%、毛利率 55.9% 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 0.3%(经营现金流/市值 5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 4.4 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 44%,资本开支/折旧 2.57 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.4 倍 粗算,约 77%(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 -17%,最大回撤 -47%,年化波动 42%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -4% / 1% / -23%。", "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%。", "奥锐特:PE 比行业中位低 16.1倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 3.4个百分点;固定资产占比 比行业中位高 14.4个百分点。"]}}