{"F": {"ts_code": "688166.SH", "name": "博瑞医药", "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": "科创板", "list_date": "20191108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.79, "pe_ttm": 157.4803, "pb": 4.9671, "dv_ttm": 0.0459, "total_mv": 1516130.805, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.9, 56.2, 63.0, 55.8, 57.5, 50.8], "rev_series": [7.9, 10.5, 10.2, 11.8, 12.8, 12.2], "np_series": [1.7, 2.4, 2.4, 2.0, 1.9, 0.5], "roe_series": [12.4, 15.7, 12.4, 8.9, 7.9, 2.2], "period": "20260630", "rev_ttm": 13.6, "np_ttm": 1.0, "ocf_ttm": 2.3, "fcf_ttm": -0.2, "fcf_yield": -0.1, "ocf_yield": 1.5, "gm_median": 56.2, "gm_std": 3.9, "gm_stab": 0.93, "gm_chg_2022": 8.1, "npm_median": 14.7, "roe_median": 8.9, "commodity": false, "hard_ratio": 42.3, "fix_assets": 27.5, "goodwill_ratio": 0.0, "pb_calc": 4.97, "capex_dep": 1.65, "interest_debt": 26.0, "debt_ebitda": 7.9, "debt_ratio": 47.3, "debt_mv": 17.1, "payout": 20.0, "div_years": 5, "rev_cagr3": 6.3, "np_cagr3": -39.0, "rev_yoy": 26.2, "np_yoy": 243.2, "np_vol": 36.7, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 1, "fwd_pe": 158.1, "fwd_pe2": 32.8, "fwd_g1": -0.0, "fwd_g2": 382.0, "peg": 0.41, "consensus_disp": null, "mainbz": [["产品", 50.0], ["产品销售收入", 47.0], ["其他业务", 2.0], ["技术权益及服务收入", 2.0]], "ret_prev_year": 63.0, "ret_prev2_year": -13.5, "ret_ytd": -29.1, "ret_pivot": 44.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.8, "ret_60": -22.3, "ret_120": -22.2, "ret_250": -68.2, "mdd_250": -73.0, "vol_250": 68.8, "pos_52w": 31.8}, "S": {"duration": 98, "pricing": 72, "hard": 68, "bondness": 36}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 157.5 倍、股息率 0.0%、毛利率近 5 年中位 56.2%、固定资产占比 42%、有息负债/EBITDA 7.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 42%、毛利率 56.2% 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 -0.1%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 8.1 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 42%,资本开支/折旧 1.65 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 157.5 倍 粗算,约 97%(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 -68%,最大回撤 -73%,年化波动 69%,现价在 52 周高点的 32%;近 20 / 60 / 120 日 -9% / -22% / -22%。", "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%。", "博瑞医药:PE 比行业中位高 120.0倍;股息率 比行业中位低 1.2个百分点;毛利率 比行业中位高 3.7个百分点;固定资产占比 比行业中位高 12.5个百分点。"]}}