{"F": {"ts_code": "688336.SH", "name": "三生国健", "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": "20200722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.16, "pe_ttm": 12.2666, "pb": 4.4432, "dv_ttm": 0.79, "total_mv": 3778486.2864, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [84.4, 77.4, 75.6, 77.9, 74.5, 92.1], "rev_series": [6.6, 9.3, 8.3, 10.1, 11.9, 42.0], "np_series": [-2.2, 0.2, 0.5, 2.9, 7.0, 29.0], "roe_series": [-5.9, 0.4, 1.1, 6.2, 13.5, 41.4], "period": "20260630", "rev_ttm": 44.2, "np_ttm": 30.8, "ocf_ttm": 27.9, "fcf_ttm": 25.2, "fcf_yield": 6.7, "ocf_yield": 7.4, "gm_median": 77.4, "gm_std": 6.4, "gm_stab": 0.92, "gm_chg_2022": -8.8, "npm_median": 27.9, "roe_median": 6.2, "commodity": false, "hard_ratio": 17.6, "fix_assets": 15.5, "goodwill_ratio": 0.0, "pb_calc": 4.44, "capex_dep": 2.36, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 3.7, "debt_mv": null, "payout": 10.4, "div_years": 3, "rev_cagr3": 72.0, "np_cagr3": 288.9, "rev_yoy": 34.8, "np_yoy": 95.1, "np_vol": 143.7, "loss_years": 0, "far_share": 59.0, "earn_yield": 8.2, "consensus_n": 8, "fwd_pe": 58.0, "fwd_pe2": 46.8, "fwd_g1": -79.0, "fwd_g2": 24.0, "peg": 2.42, "consensus_disp": null, "mainbz": [["销售商品", 31.0], ["授权使用许可", 27.0], ["授予知识产权许可", 27.0], ["提供服务", 7.0]], "ret_prev_year": 183.6, "ret_prev2_year": -4.6, "ret_ytd": 3.4, "ret_pivot": 278.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.2, "ret_60": 12.2, "ret_120": 8.4, "ret_250": 14.4, "mdd_250": -42.2, "vol_250": 68.6, "pos_52w": 66.6}, "S": {"duration": 26, "pricing": 75, "hard": 28, "bondness": 11}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 12.3 倍、股息率 0.8%、毛利率近 5 年中位 77.4%、固定资产占比 18%、资产负债率 4%: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 77.4%),硬资产占比 18%。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 6.7%(经营现金流/市值 7.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 77.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -8.8 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 18%,资本开支/折旧 2.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.3 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 14%,最大回撤 -42%,年化波动 69%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -10% / 12% / 8%。", "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%。", "三生国健:PE 比行业中位低 19.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 1.7个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}