{"F": {"ts_code": "920275.BJ", "name": "驱动力", "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": "北交所", "list_date": "20210125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.25, "pe_ttm": 505.4976, "pb": 5.0495, "dv_ttm": 0.3448, "total_mv": 115548.76, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.8, 44.0, 30.6, 27.1, 40.9, 31.2], "rev_series": [1.3, 1.4, 1.0, 0.9, 0.7, 0.8], "np_series": [0.4, 0.4, 0.2, 0.1, 0.1, 0.0], "roe_series": [22.3, 17.4, 7.0, 2.6, 6.0, 1.9], "period": "20260630", "rev_ttm": 0.8, "np_ttm": 0.0, "ocf_ttm": -0.0, "fcf_ttm": -0.1, "fcf_yield": -0.6, "ocf_yield": -0.2, "gm_median": 31.2, "gm_std": 6.5, "gm_stab": 0.79, "gm_chg_2022": -19.2, "npm_median": 17.9, "roe_median": 6.0, "commodity": false, "hard_ratio": 23.0, "fix_assets": 0.5, "goodwill_ratio": 0.0, "pb_calc": 5.05, "capex_dep": 1.75, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 2.0, "debt_mv": null, "payout": 75.0, "div_years": 5, "rev_cagr3": -7.5, "np_cagr3": -36.7, "rev_yoy": -0.8, "np_yoy": -132.2, "np_vol": 77.7, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["造血类产品", 48.0], ["造血类产品：造血系列3", 25.0], ["造血类产品：造血系列1", 18.0], ["造血类产品：造血系列2", 4.0]], "ret_prev_year": 34.9, "ret_prev2_year": 30.8, "ret_ytd": -16.5, "ret_pivot": 156.6, "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": 100, "pricing": 47, "hard": 37, "bondness": 51}, "label": "中性", "tags": [], "text": {"像什么": ["PE 505.5 倍、股息率 0.3%、毛利率近 5 年中位 31.2%、固定资产占比 23%、资产负债率 2%:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 23%,毛利率近 5 年中位 31.2%。", "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 -0.6%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.2%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -19.2 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 23%,资本开支/折旧 1.75 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 505.5 倍 粗算,约 99%(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「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%。", "驱动力:PE 比行业中位高 467.7倍;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位低 8.7个百分点;固定资产占比 比行业中位低 12.0个百分点。"]}}