{"F": {"ts_code": "688247.SH", "name": "宣泰医药", "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": "科创板", "list_date": "20220825", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.11, "pe_ttm": 130.6983, "pb": 3.1315, "dv_ttm": 0.3805, "total_mv": 412992.74, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [81.5, 78.1, 71.2, 55.9, 51.6, 39.4], "rev_series": [3.2, 3.2, 2.5, 3.0, 5.1, 4.5], "np_series": [1.2, 1.3, 0.9, 0.6, 1.3, 0.5], "roe_series": [25.0, 21.3, 9.9, 5.1, 10.3, 3.7], "period": "20260630", "rev_ttm": 4.2, "np_ttm": 0.3, "ocf_ttm": 1.3, "fcf_ttm": 1.0, "fcf_yield": 2.5, "ocf_yield": 3.2, "gm_median": 55.9, "gm_std": 13.9, "gm_stab": 0.75, "gm_chg_2022": -10.3, "npm_median": 25.0, "roe_median": 9.9, "commodity": false, "hard_ratio": 24.5, "fix_assets": 3.6, "goodwill_ratio": 1.1, "pb_calc": 3.13, "capex_dep": 1.07, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 10.6, "debt_mv": 0.0, "payout": 31.5, "div_years": 4, "rev_cagr3": 21.7, "np_cagr3": -20.1, "rev_yoy": -13.0, "np_yoy": -34.8, "np_vol": 60.1, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["产品销售收入", 31.0], ["CRO研发服务", 5.0], ["CRO服务收入", 5.0]], "ret_prev_year": -3.0, "ret_prev2_year": -7.9, "ret_ytd": -6.0, "ret_pivot": 20.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.9, "ret_60": 16.6, "ret_120": -6.2, "ret_250": -24.9, "mdd_250": -38.4, "vol_250": 39.5, "pos_52w": 77.2}, "S": {"duration": 96, "pricing": 58, "hard": 39, "bondness": 13}, "label": "中性", "tags": [], "text": {"像什么": ["PE 130.7 倍、股息率 0.4%、毛利率近 5 年中位 55.9%、固定资产占比 24%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 24%,毛利率近 5 年中位 55.9%。", "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 2.5%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.9%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -10.3 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 24%,资本开支/折旧 1.07 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 130.7 倍 粗算,约 96%(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 -25%,最大回撤 -38%,年化波动 40%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -2% / 17% / -6%。", "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%。", "宣泰医药:PE 比行业中位高 93.2倍;股息率 比行业中位低 0.8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 比行业中位低 5.3个百分点。"]}}