{"F": {"ts_code": "688553.SH", "name": "汇宇制药", "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": "20211026", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.98, "pe_ttm": 66.1181, "pb": 2.0103, "dv_ttm": 1.1241, "total_mv": 749829.2782, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [91.8, 91.4, 88.2, 85.9, 83.4, 79.6], "rev_series": [13.6, 18.2, 14.9, 9.3, 10.9, 10.0], "np_series": [3.4, 4.5, 2.5, 1.4, 3.3, -0.2], "roe_series": [59.2, 20.7, 6.8, 3.7, 8.4, -0.6], "period": "20260630", "rev_ttm": 11.0, "np_ttm": 1.1, "ocf_ttm": 2.1, "fcf_ttm": 1.3, "fcf_yield": 1.8, "ocf_yield": 2.8, "gm_median": 85.9, "gm_std": 4.0, "gm_stab": 0.95, "gm_chg_2022": -3.6, "npm_median": 16.7, "roe_median": 6.8, "commodity": false, "hard_ratio": 27.6, "fix_assets": 14.4, "goodwill_ratio": 0.0, "pb_calc": 2.01, "capex_dep": 0.82, "interest_debt": 7.1, "debt_ebitda": 3.5, "debt_ratio": 28.6, "debt_mv": 9.4, "payout": 94.6, "div_years": 5, "rev_cagr3": -12.6, "np_cagr3": null, "rev_yoy": 21.8, "np_yoy": 171.4, "np_vol": 82.2, "loss_years": 1, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 3, "fwd_pe": 1198.0, "fwd_pe2": 97.8, "fwd_g1": -94.0, "fwd_g2": 1125.0, "peg": 1.06, "consensus_disp": null, "mainbz": [["药品销售", 91.0], ["技术服务", 5.0], ["其他类产品", 2.0], ["其他", 2.0]], "ret_prev_year": 21.0, "ret_prev2_year": 2.0, "ret_ytd": 0.8, "ret_pivot": 88.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.6, "ret_60": 13.3, "ret_120": 0.9, "ret_250": -35.3, "mdd_250": -45.7, "vol_250": 55.9, "pos_52w": 66.0}, "S": {"duration": 81, "pricing": 81, "hard": 44, "bondness": 70}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 171%,PE TTM 66.1 倍 但前瞻 PE 1198.0 倍,PEG 1.06。", "自由现金流 1.3 亿(正),次年预期增速 1125%(3 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 85.9%),硬资产占比 28%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.8%(经营现金流/市值 2.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 85.9%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -3.6 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 28%,资本开支/折旧 0.82 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 66.1 倍 粗算,约 92%(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 -35%,最大回撤 -46%,年化波动 56%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 1% / 13% / 1%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "汇宇制药:PE 比行业中位高 28.6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 33.4个百分点;固定资产占比 比行业中位低 2.2个百分点。"]}}