{"F": {"ts_code": "920566.BJ", "name": "梓橦宫", "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": "20210813", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.8, "pe_ttm": 16.6325, "pb": 1.6737, "dv_ttm": 2.0408, "total_mv": 141572.6424, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [78.5, 80.5, 80.0, 80.9, 78.8, 76.5], "rev_series": [3.7, 4.2, 4.4, 4.1, 4.2, 4.2], "np_series": [0.6, 0.8, 1.0, 1.0, 0.9, 0.8], "roe_series": [17.5, 15.7, 15.1, 14.1, 11.2, 10.4], "period": "20260630", "rev_ttm": 4.4, "np_ttm": 0.9, "ocf_ttm": 1.2, "fcf_ttm": 0.6, "fcf_yield": 4.3, "ocf_yield": 8.7, "gm_median": 80.0, "gm_std": 1.6, "gm_stab": 0.98, "gm_chg_2022": 1.4, "npm_median": 20.2, "roe_median": 14.1, "commodity": false, "hard_ratio": 14.9, "fix_assets": 1.5, "goodwill_ratio": 1.7, "pb_calc": 1.67, "capex_dep": 4.35, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 12.0, "debt_mv": 0.9, "payout": 34.5, "div_years": 5, "rev_cagr3": -1.4, "np_cagr3": -6.4, "rev_yoy": 6.8, "np_yoy": 4.1, "np_vol": 17.3, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["神经系统用药", 42.0], ["骨骼肌肉系统用药", 3.0], ["骨伤科", 3.0]], "ret_prev_year": 23.3, "ret_prev2_year": 1.6, "ret_ytd": -9.9, "ret_pivot": 53.7, "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": 34, "pricing": 83, "hard": 24, "bondness": 45}, "label": "轻资产现金牛", "tags": ["资本开支扩张期"], "text": {"像什么": ["固定资产占比 15%,毛利率近 5 年中位 80.0%,自由现金流/市值 4.3%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 80.0%),硬资产占比 15%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.3%(经营现金流/市值 8.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 80.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 1.4 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 15%,资本开支/折旧 4.35 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.6 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "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%。", "梓橦宫:PE 比行业中位低 20.9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 27.5个百分点;固定资产占比 比行业中位低 14.9个百分点。"]}}