{"F": {"ts_code": "688566.SH", "name": "吉贝尔", "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": "20200518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.58, "pe_ttm": 24.319, "pb": 2.0451, "dv_ttm": 2.0244, "total_mv": 514417.8928, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [88.9, 87.8, 88.4, 88.9, 89.4, 89.5], "rev_series": [5.7, 5.1, 6.5, 8.6, 9.0, 9.7], "np_series": [1.3, 1.1, 1.5, 2.2, 2.2, 2.6], "roe_series": [12.8, 7.2, 9.4, 12.2, 10.6, 11.2], "period": "20260630", "rev_ttm": 10.0, "np_ttm": 2.1, "ocf_ttm": 2.2, "fcf_ttm": 1.4, "fcf_yield": 2.7, "ocf_yield": 4.4, "gm_median": 88.9, "gm_std": 0.6, "gm_stab": 0.99, "gm_chg_2022": -0.5, "npm_median": 24.4, "roe_median": 10.6, "commodity": false, "hard_ratio": 38.0, "fix_assets": 10.6, "goodwill_ratio": 1.3, "pb_calc": 2.05, "capex_dep": 4.35, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 9.0, "debt_mv": 0.2, "payout": 64.3, "div_years": 4, "rev_cagr3": 13.8, "np_cagr3": 19.1, "rev_yoy": 7.6, "np_yoy": -33.5, "np_vol": 20.1, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "consensus_n": 1, "fwd_pe": 20.8, "fwd_pe2": 17.1, "fwd_g1": 17.0, "fwd_g2": 22.0, "peg": 0.95, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 36.9, "ret_prev2_year": -28.1, "ret_ytd": -13.6, "ret_pivot": 44.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": 8.4, "ret_120": -13.8, "ret_250": -33.5, "mdd_250": -44.6, "vol_250": 35.4, "pos_52w": 61.4}, "S": {"duration": 46, "pricing": 86, "hard": 61, "bondness": 41}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 24.3 倍、股息率 2.0%、毛利率近 5 年中位 88.9%、固定资产占比 38%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 38%、毛利率 88.9% 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 2.7%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 88.9%,稳定度 99%,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 38%,资本开支/折旧 4.35 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.3 倍 粗算,约 79%(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 -45%,年化波动 35%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 2% / 8% / -14%。", "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%。", "吉贝尔:PE 比行业中位低 13.2倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 36.4个百分点;固定资产占比 比行业中位高 8.2个百分点。"]}}