{"F": {"ts_code": "605507.SH", "name": "国邦医药", "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": "20210802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.58, "pe_ttm": 17.2503, "pb": 1.4512, "dv_ttm": 2.7508, "total_mv": 1218905.8182, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.5, 30.1, 27.5, 23.4, 25.0, 26.0], "rev_series": [42.1, 45.1, 57.2, 53.5, 58.9, 60.1], "np_series": [8.1, 7.1, 9.2, 6.1, 7.8, 8.2], "roe_series": [27.5, 14.7, 13.6, 8.4, 10.1, 9.9], "period": "20260630", "rev_ttm": 61.3, "np_ttm": 7.1, "ocf_ttm": 9.1, "fcf_ttm": 4.6, "fcf_yield": 3.8, "ocf_yield": 7.5, "gm_median": 26.0, "gm_std": 2.3, "gm_stab": 0.91, "gm_chg_2022": -6.9, "npm_median": 13.6, "roe_median": 10.1, "commodity": false, "hard_ratio": 38.1, "fix_assets": 43.4, "goodwill_ratio": 0.0, "pb_calc": 1.45, "capex_dep": 0.94, "interest_debt": 10.2, "debt_ebitda": 0.8, "debt_ratio": 26.2, "debt_mv": 8.4, "payout": 54.8, "div_years": 5, "rev_cagr3": 1.7, "np_cagr3": -3.8, "rev_yoy": 3.8, "np_yoy": -25.1, "np_vol": 24.3, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.8, "consensus_n": 11, "fwd_pe": 11.1, "fwd_pe2": 9.2, "fwd_g1": 55.0, "fwd_g2": 21.0, "peg": 0.53, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 23.3, "ret_prev2_year": 22.2, "ret_ytd": -9.9, "ret_pivot": 31.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": -2.0, "ret_120": -23.9, "ret_250": -4.0, "mdd_250": -28.2, "vol_250": 31.3, "pos_52w": 76.1}, "S": {"duration": 35, "pricing": 49, "hard": 61, "bondness": 56}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 17.3 倍、股息率 2.8%、毛利率近 5 年中位 26.0%、固定资产占比 38%、有息负债/EBITDA 0.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 38%),没有定价权:毛利率近 5 年中位 26.0%,稳定度 91%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 3.8%(经营现金流/市值 7.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.0%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -6.9 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 38%,资本开支/折旧 0.94 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.3 倍 粗算,约 71%(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 -4%,最大回撤 -28%,年化波动 31%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -4% / -2% / -24%。", "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%。", "国邦医药:PE 比行业中位低 20.2倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位低 26.5个百分点;固定资产占比 比行业中位高 8.3个百分点。"]}}