{"F": {"ts_code": "688526.SH", "name": "科前生物", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "动物保健Ⅱ", "sw3": "动物保健Ⅲ", "ind": "动物保健Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20200922", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.78, "pe_ttm": 18.9385, "pb": 1.4776, "dv_ttm": 5.0078, "total_mv": 595711.7118, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [82.8, 79.8, 73.6, 72.1, 63.8, 67.0], "rev_series": [8.4, 11.0, 10.0, 10.6, 9.4, 9.5], "np_series": [4.5, 5.7, 4.1, 4.0, 3.8, 4.2], "roe_series": [23.4, 19.5, 12.3, 10.8, 9.8, 10.2], "period": "20260630", "rev_ttm": 8.4, "np_ttm": 3.1, "ocf_ttm": 4.1, "fcf_ttm": 2.8, "fcf_yield": 4.7, "ocf_yield": 6.9, "gm_median": 72.1, "gm_std": 5.5, "gm_stab": 0.92, "gm_chg_2022": -9.2, "npm_median": 40.9, "roe_median": 10.8, "commodity": false, "hard_ratio": 17.9, "fix_assets": 8.1, "goodwill_ratio": 0.0, "pb_calc": 1.48, "capex_dep": 1.12, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 10.7, "debt_mv": 0.1, "payout": 52.4, "div_years": 5, "rev_cagr3": -1.7, "np_cagr3": 0.7, "rev_yoy": -23.3, "np_yoy": -47.4, "np_vol": 18.2, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["兽用生物制品", 45.0], ["其他收入", 3.0], ["其他", 3.0]], "ret_prev_year": 10.6, "ret_prev2_year": -30.0, "ret_ytd": -12.6, "ret_pivot": 25.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": 4.9, "ret_120": -16.6, "ret_250": -26.8, "mdd_250": -36.7, "vol_250": 27.5, "pos_52w": 68.4}, "S": {"duration": 38, "pricing": 72, "hard": 29, "bondness": 68}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 52%、股息率 5.0%、营收 3 年复合 -1.7%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 72.1%),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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.7%(经营现金流/市值 6.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 72.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -9.2 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 1.12 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.9 倍 粗算,约 74%(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 -27%,最大回撤 -37%,年化波动 28%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -1% / 5% / -17%。", "行业对照": ["同申万二级「动物保健Ⅱ」12 家中位:PE 37.8 / 股息率 1.7% / 毛利率 39.9% / 固定资产占比 35% / 分红率 64%。", "科前生物:PE 比行业中位低 18.9倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位高 32.2个百分点;固定资产占比 比行业中位低 17.1个百分点。"]}}