{"F": {"ts_code": "920735.BJ", "name": "德源药业", "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": "20210219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.29, "pe_ttm": 12.6685, "pb": 2.4432, "dv_ttm": 1.3832, "total_mv": 339266.1115, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [82.5, 78.2, 80.1, 81.9, 84.6, 84.1], "rev_series": [4.0, 5.1, 6.4, 7.1, 8.7, 10.6], "np_series": [0.6, 0.8, 1.2, 1.4, 1.8, 2.4], "roe_series": [21.0, 15.2, 16.0, 15.6, 17.2, 19.6], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 2.7, "ocf_ttm": 1.9, "fcf_ttm": 1.4, "fcf_yield": 4.0, "ocf_yield": 5.7, "gm_median": 81.9, "gm_std": 2.4, "gm_stab": 0.97, "gm_chg_2022": -2.5, "npm_median": 19.5, "roe_median": 16.0, "commodity": false, "hard_ratio": 32.1, "fix_assets": 5.5, "goodwill_ratio": 0.0, "pb_calc": 2.44, "capex_dep": 1.66, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 18.8, "debt_mv": 0.5, "payout": 20.0, "div_years": 5, "rev_cagr3": 18.5, "np_cagr3": 25.2, "rev_yoy": 13.9, "np_yoy": 31.6, "np_vol": 13.7, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["糖尿病类药", 22.0], ["糖尿病类", 22.0], ["高血压类药", 10.0]], "ret_prev_year": 64.0, "ret_prev2_year": -0.7, "ret_ytd": -13.8, "ret_pivot": 102.3, "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": 27, "pricing": 81, "hard": 51, "bondness": 17}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.7 倍、股息率 1.4%、毛利率近 5 年中位 81.9%、固定资产占比 32%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 32%、毛利率 81.9% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 4.0%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 81.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.5 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 32%,资本开支/折旧 1.66 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.7 倍 粗算,约 61%(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%。", "德源药业:PE 比行业中位低 24.8倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 29.4个百分点;固定资产占比 比行业中位高 2.3个百分点。"]}}