{"F": {"ts_code": "688321.SH", "name": "微芯生物", "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": "20190812", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.18, "pe_ttm": 120.2541, "pb": 4.5969, "dv_ttm": 0.23, "total_mv": 1115326.9488, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [95.0, 95.0, 94.3, 89.1, 86.7, 87.1], "rev_series": [2.7, 4.3, 5.3, 5.2, 6.6, 9.1], "np_series": [0.3, 0.2, 0.2, 0.9, -1.1, 0.5], "roe_series": [2.1, 1.5, 1.2, 5.5, -7.0, 3.2], "period": "20260630", "rev_ttm": 10.5, "np_ttm": 0.9, "ocf_ttm": 1.2, "fcf_ttm": -1.7, "fcf_yield": -1.5, "ocf_yield": 1.1, "gm_median": 89.1, "gm_std": 3.5, "gm_stab": 0.96, "gm_chg_2022": -0.7, "npm_median": 5.1, "roe_median": 1.5, "commodity": false, "hard_ratio": 31.5, "fix_assets": 14.5, "goodwill_ratio": 0.0, "pb_calc": 4.37, "capex_dep": 7.49, "interest_debt": 15.1, "debt_ebitda": 6.6, "debt_ratio": 44.6, "debt_mv": 13.5, "payout": 46.4, "div_years": 1, "rev_cagr3": 19.8, "np_cagr3": 42.8, "rev_yoy": 33.6, "np_yoy": 141.2, "np_vol": 212.6, "loss_years": 1, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 4, "fwd_pe": 79.9, "fwd_pe2": 46.8, "fwd_g1": 50.0, "fwd_g2": 71.0, "peg": 1.13, "consensus_disp": null, "mainbz": [["销售商品", 49.0], ["商品销售", 49.0], ["技术授权许可", 1.0], ["技术授权收入", 1.0]], "ret_prev_year": 57.4, "ret_prev2_year": -15.4, "ret_ytd": -13.7, "ret_pivot": 65.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.3, "ret_60": 2.4, "ret_120": -17.0, "ret_250": -34.5, "mdd_250": -38.4, "vol_250": 45.8, "pos_52w": 64.7}, "S": {"duration": 95, "pricing": 85, "hard": 50, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 120.3 倍、股息率 0.2%、毛利率近 5 年中位 89.1%、固定资产占比 32%、有息负债/EBITDA 6.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 32%、毛利率 89.1% 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 -1.5%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 89.1%,稳定度 96%,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 32%,资本开支/折旧 7.49 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 120.3 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 -34%,最大回撤 -38%,年化波动 46%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -15% / 2% / -17%。", "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%。", "微芯生物:PE 比行业中位高 82.8倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位高 36.6个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}