{"F": {"ts_code": "920729.BJ", "name": "永顺生物", "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": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.38, "pe_ttm": 72.1586, "pb": 3.0823, "dv_ttm": 1.7618, "total_mv": 201695.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.8, 67.4, 62.5, 58.8, 58.1, 57.5], "rev_series": [3.3, 3.6, 3.5, 3.1, 2.7, 2.4], "np_series": [0.8, 0.9, 0.9, 0.6, 0.4, 0.4], "roe_series": [12.3, 13.1, 12.3, 8.5, 6.0, 6.2], "period": "20260630", "rev_ttm": 2.0, "np_ttm": 0.3, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 2.6, "ocf_yield": 3.0, "gm_median": 58.8, "gm_std": 3.7, "gm_stab": 0.94, "gm_chg_2022": -3.3, "npm_median": 18.5, "roe_median": 8.5, "commodity": false, "hard_ratio": 17.4, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 3.08, "capex_dep": 0.25, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 12.7, "debt_mv": 0.0, "payout": 86.7, "div_years": 5, "rev_cagr3": -11.9, "np_cagr3": -21.7, "rev_yoy": -28.1, "np_yoy": -67.5, "np_vol": 18.4, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["猪用活疫苗", 46.0], ["禽用灭活疫苗", 36.0], ["其他疫苗", 10.0], ["技术转让收入", 4.0]], "ret_prev_year": 32.7, "ret_prev2_year": -22.4, "ret_ytd": -13.2, "ret_pivot": 59.6, "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": 84, "pricing": 67, "hard": 28, "bondness": 61}, "label": "中性", "tags": [], "text": {"像什么": ["PE 72.2 倍、股息率 1.8%、毛利率近 5 年中位 58.8%、固定资产占比 17%、有息负债/EBITDA 0.0 倍: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 58.8%),硬资产占比 17%。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 2.6%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -3.3 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 17%,资本开支/折旧 0.25 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 72.2 倍 粗算,约 93%(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%。", "永顺生物:PE 比行业中位高 34.4倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 18.9个百分点;固定资产占比 比行业中位低 17.6个百分点。"]}}