{"F": {"ts_code": "920946.BJ", "name": "森萱医药", "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": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.26, "pe_ttm": 28.4525, "pb": 3.3958, "dv_ttm": 1.5595, "total_mv": 438018.2168, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.3, 44.9, 44.9, 43.0, 43.6, 46.6], "rev_series": [5.5, 5.6, 6.2, 5.9, 5.4, 5.5], "np_series": [1.4, 1.3, 1.6, 1.3, 1.2, 1.3], "roe_series": [19.7, 13.5, 15.4, 12.1, 10.6, 10.7], "period": "20260630", "rev_ttm": 6.1, "np_ttm": 1.5, "ocf_ttm": 2.2, "fcf_ttm": 2.0, "fcf_yield": 4.6, "ocf_yield": 5.0, "gm_median": 44.9, "gm_std": 1.2, "gm_stab": 0.97, "gm_chg_2022": -3.5, "npm_median": 24.5, "roe_median": 12.1, "commodity": false, "hard_ratio": 19.5, "fix_assets": 2.9, "goodwill_ratio": 0.0, "pb_calc": 3.4, "capex_dep": 0.33, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 6.7, "debt_mv": 0.4, "payout": 50.8, "div_years": 5, "rev_cagr3": -4.0, "np_cagr3": -6.4, "rev_yoy": 23.2, "np_yoy": 33.1, "np_vol": 13.8, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 1, "fwd_pe": 26.3, "fwd_pe2": 22.8, "fwd_g1": 8.0, "fwd_g2": 15.0, "peg": 1.75, "consensus_disp": null, "mainbz": [["产品", 45.0], ["原料药", 26.0], ["含氧杂环类化工中间体", 11.0], ["含氧杂环类", 11.0]], "ret_prev_year": 21.1, "ret_prev2_year": -9.6, "ret_ytd": -1.1, "ret_pivot": 70.5, "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": 51, "pricing": 61, "hard": 31, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.5 倍、股息率 1.6%、毛利率近 5 年中位 44.9%、固定资产占比 20%、有息负债/EBITDA 0.1 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 44.9%),硬资产占比 20%。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 4.6%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -3.5 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 20%,资本开支/折旧 0.33 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.5 倍 粗算,约 82%(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%。", "森萱医药:PE 比行业中位低 9.0倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 7.6个百分点;固定资产占比 比行业中位低 10.3个百分点。"]}}