{"F": {"ts_code": "688278.SH", "name": "特宝生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "科创板", "list_date": "20200117", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 56.96, "pe_ttm": 21.5308, "pb": 7.491, "dv_ttm": 1.0793, "total_mv": 2325047.392, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [89.5, 88.9, 88.9, 93.3, 93.5, 93.0], "rev_series": [7.9, 11.3, 15.3, 21.0, 28.2, 37.0], "np_series": [1.2, 1.8, 2.9, 5.6, 8.3, 10.3], "roe_series": [14.9, 16.8, 22.3, 33.8, 37.4, 34.4], "period": "20260630", "rev_ttm": 40.2, "np_ttm": 10.8, "ocf_ttm": 7.1, "fcf_ttm": 4.0, "fcf_yield": 1.7, "ocf_yield": 3.0, "gm_median": 93.0, "gm_std": 2.1, "gm_stab": 0.98, "gm_chg_2022": -0.5, "npm_median": 26.4, "roe_median": 33.8, "commodity": false, "hard_ratio": 22.1, "fix_assets": 10.0, "goodwill_ratio": 1.4, "pb_calc": 7.49, "capex_dep": 3.41, "interest_debt": 8.0, "debt_ebitda": 0.5, "debt_ratio": 31.0, "debt_mv": 3.4, "payout": 29.9, "div_years": 5, "rev_cagr3": 34.3, "np_cagr3": 53.2, "rev_yoy": 21.6, "np_yoy": 11.4, "np_vol": 22.1, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 14, "fwd_pe": 18.5, "fwd_pe2": 14.6, "fwd_g1": 16.0, "fwd_g2": 27.0, "peg": 0.69, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 15.2, "ret_prev2_year": 42.3, "ret_ytd": -31.4, "ret_pivot": -3.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": -2.6, "ret_120": -18.8, "ret_250": -32.6, "mdd_250": -37.9, "vol_250": 34.1, "pos_52w": 66.8}, "S": {"duration": 42, "pricing": 88, "hard": 35, "bondness": 18}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 21.5 倍、股息率 1.1%、毛利率近 5 年中位 93.0%、固定资产占比 22%、有息负债/EBITDA 0.5 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 93.0%),硬资产占比 22%。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 1.7%(经营现金流/市值 3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 93.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.5 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 22%,资本开支/折旧 3.41 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.5 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 -33%,最大回撤 -38%,年化波动 34%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 2% / -3% / -19%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "特宝生物:PE 比行业中位低 10.6倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 17.3个百分点;固定资产占比 与行业中位持平。"]}}