{"F": {"ts_code": "920017.BJ", "name": "星昊医药", "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": "北交所", "list_date": "20230531", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.48, "pe_ttm": 17.7233, "pb": 1.2508, "dv_ttm": 3.6408, "total_mv": 204174.868, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.7, 74.1, 75.1, 74.1, 69.7, 70.0], "rev_series": [6.3, 5.8, 6.1, 7.2, 6.5, 6.5], "np_series": [0.7, 0.7, 0.8, 0.9, 0.8, 1.0], "roe_series": [7.3, 6.9, 7.7, 7.2, 5.5, 6.5], "period": "20260630", "rev_ttm": 6.6, "np_ttm": 1.2, "ocf_ttm": 2.3, "fcf_ttm": 0.9, "fcf_yield": 4.5, "ocf_yield": 11.3, "gm_median": 74.1, "gm_std": 2.3, "gm_stab": 0.97, "gm_chg_2022": -2.6, "npm_median": 12.6, "roe_median": 6.9, "commodity": false, "hard_ratio": 40.1, "fix_assets": 7.9, "goodwill_ratio": 0.0, "pb_calc": 1.25, "capex_dep": 2.87, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 17.6, "debt_mv": 0.5, "payout": 53.6, "div_years": 3, "rev_cagr3": 2.3, "np_cagr3": 8.1, "rev_yoy": 2.0, "np_yoy": 29.6, "np_vol": 12.7, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["消化道和代谢方面的药物", 49.0], ["抗肿瘤药及免疫调节剂", 8.0], ["抗肿瘤及其辅助用药", 8.0], ["神经系统药物", 7.0]], "ret_prev_year": 32.8, "ret_prev2_year": -10.8, "ret_ytd": -6.1, "ret_pivot": 63.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 36, "pricing": 77, "hard": 64, "bondness": 59}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 54%、股息率 3.6%、营收 3 年复合 2.3%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 40%、毛利率 74.1% 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": "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 4.5%(经营现金流/市值 11.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 74.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.6 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 40%,资本开支/折旧 2.87 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.7 倍 粗算,约 72%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "星昊医药:PE 比行业中位低 19.8倍;股息率 比行业中位高 2.4个百分点;毛利率 比行业中位高 21.6个百分点;固定资产占比 比行业中位高 10.3个百分点。"]}}