{"F": {"ts_code": "688046.SH", "name": "药康生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医疗研发外包", "ind": "医疗服务", "fin_source": "tushare", "market": "科创板", "list_date": "20220425", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.71, "pe_ttm": 69.0064, "pb": 5.5581, "dv_ttm": 0.7143, "total_mv": 1259681.8202, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.0, 74.3, 71.4, 67.6, 62.0, 64.1], "rev_series": [2.6, 3.9, 5.2, 6.2, 6.9, 7.9], "np_series": [0.8, 1.2, 1.6, 1.6, 1.1, 1.4], "roe_series": [17.0, 17.3, 11.9, 7.7, 5.2, 6.5], "period": "20260630", "rev_ttm": 8.8, "np_ttm": 1.8, "ocf_ttm": 3.0, "fcf_ttm": 2.3, "fcf_yield": 1.8, "ocf_yield": 2.4, "gm_median": 67.6, "gm_std": 4.5, "gm_stab": 0.93, "gm_chg_2022": -0.7, "npm_median": 25.5, "roe_median": 7.7, "commodity": false, "hard_ratio": 20.9, "fix_assets": 5.9, "goodwill_ratio": 0.0, "pb_calc": 5.56, "capex_dep": 0.94, "interest_debt": 2.3, "debt_ebitda": 0.8, "debt_ratio": 20.2, "debt_mv": 1.9, "payout": 71.4, "div_years": 4, "rev_cagr3": 15.4, "np_cagr3": -4.7, "rev_yoy": 22.6, "np_yoy": 56.3, "np_vol": 32.4, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 11, "fwd_pe": 63.1, "fwd_pe2": 49.5, "fwd_g1": 9.0, "fwd_g2": 27.0, "peg": 2.34, "consensus_disp": null, "mainbz": [["商品化小鼠模型销售", 45.0], ["功能药效", 33.0], ["定制繁育", 10.0], ["模型定制", 4.0]], "ret_prev_year": 21.2, "ret_prev2_year": -36.2, "ret_ytd": 102.4, "ret_pivot": 188.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.8, "ret_60": 77.7, "ret_120": 105.8, "ret_250": 64.6, "mdd_250": -34.2, "vol_250": 63.1, "pos_52w": 75.0}, "S": {"duration": 82, "pricing": 73, "hard": 33, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 69.0 倍、股息率 0.7%、毛利率近 5 年中位 67.6%、固定资产占比 21%、有息负债/EBITDA 0.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 67.6%),硬资产占比 21%。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": "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 1.8%(经营现金流/市值 2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -0.7 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 21%,资本开支/折旧 0.94 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 69.0 倍 粗算,约 93%(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 65%,最大回撤 -34%,年化波动 63%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -8% / 78% / 106%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "药康生物:PE 比行业中位低 4.1倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 26.3个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}