{"F": {"ts_code": "920656.BJ", "name": "海昇药业", "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": "20240202", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.42, "pe_ttm": 17.8986, "pb": 2.1691, "dv_ttm": 2.594, "total_mv": 154200.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.7, 57.4, 52.5, 52.7, 40.0, 42.9], "rev_series": [2.1, 2.7, 2.6, 2.2, 1.7, 2.2], "np_series": [0.8, 1.2, 1.1, 0.8, 0.5, 0.7], "roe_series": [66.4, 65.0, 48.8, 31.3, 10.8, 10.2], "period": "20260630", "rev_ttm": 2.6, "np_ttm": 0.9, "ocf_ttm": 0.7, "fcf_ttm": 0.5, "fcf_yield": 3.6, "ocf_yield": 4.3, "gm_median": 52.5, "gm_std": 6.5, "gm_stab": 0.88, "gm_chg_2022": 0.7, "npm_median": 39.4, "roe_median": 31.3, "commodity": false, "hard_ratio": 27.9, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 2.17, "capex_dep": 0.66, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 4.1, "debt_mv": null, "payout": 38.5, "div_years": 3, "rev_cagr3": -5.9, "np_cagr3": -14.9, "rev_yoy": 40.0, "np_yoy": 55.1, "np_vol": 33.8, "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": [["原料药", 77.0], ["中间体", 23.0], ["其他业务", 0.0]], "ret_prev_year": 41.4, "ret_prev2_year": null, "ret_ytd": -9.2, "ret_pivot": 67.5, "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": 65, "hard": 45, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 17.9 倍、股息率 2.6%、毛利率近 5 年中位 52.5%、固定资产占比 28%、资产负债率 4%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 52.5%),硬资产占比 28%。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": "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 3.6%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.5%,稳定度 88%,2020→2022 成本通胀期毛利率变化 0.7 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 28%,资本开支/折旧 0.66 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.9 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%。", "海昇药业:PE 比行业中位低 19.6倍;股息率 比行业中位高 1.4个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 1.9个百分点。"]}}