{"F": {"ts_code": "920230.BJ", "name": "欧康医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "北交所", "list_date": "20221209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.86, "pe_ttm": 79.2195, "pb": 2.652, "dv_ttm": 1.3812, "total_mv": 109115.4189, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.2, 24.3, 22.5, 16.2, 20.8, 16.4], "rev_series": [1.9, 3.0, 2.7, 2.4, 3.1, 3.3], "np_series": [0.2, 0.4, 0.3, 0.2, 0.2, 0.1], "roe_series": [22.7, 32.7, 12.6, 4.3, 5.6, 2.8], "period": "20260630", "rev_ttm": 3.3, "np_ttm": 0.1, "ocf_ttm": 0.1, "fcf_ttm": -0.1, "fcf_yield": -1.4, "ocf_yield": 0.5, "gm_median": 20.8, "gm_std": 3.2, "gm_stab": 0.84, "gm_chg_2022": -1.7, "npm_median": 7.1, "roe_median": 5.6, "commodity": false, "hard_ratio": 47.5, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 2.65, "capex_dep": 0.93, "interest_debt": 0.2, "debt_ebitda": 0.5, "debt_ratio": 19.9, "debt_mv": 1.9, "payout": 90.9, "div_years": 4, "rev_cagr3": 7.2, "np_cagr3": -30.1, "rev_yoy": -2.8, "np_yoy": 74.0, "np_vol": 52.4, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["枳实系列", 14.0], ["枳实提取物深加工产品系列", 14.0], ["槐米系列", 13.0]], "ret_prev_year": 12.8, "ret_prev2_year": 0.2, "ret_ytd": -8.7, "ret_pivot": 61.4, "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": 86, "pricing": 46, "hard": 76, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 79.2 倍、股息率 1.4%、毛利率近 5 年中位 20.8%、固定资产占比 48%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 48%),没有定价权:毛利率近 5 年中位 20.8%,稳定度 84%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -1.4%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -1.7 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 48%,资本开支/折旧 0.93 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 79.2 倍 粗算,约 94%(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%。", "欧康医药:PE 比行业中位高 41.7倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 31.7个百分点;固定资产占比 比行业中位高 17.7个百分点。"]}}