{"F": {"ts_code": "000028.SZ", "name": "国药一致", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "19930809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.19, "pe_ttm": 11.4853, "pb": 0.6549, "dv_ttm": 2.7737, "total_mv": 1236075.4104, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.8, 11.7, 12.2, 12.0, 11.1, 10.7], "rev_series": [596.5, 683.6, 734.4, 754.8, 743.8, 734.2], "np_series": [14.0, 13.4, 14.9, 16.0, 6.4, 11.4], "roe_series": [10.5, 9.3, 9.6, 9.5, 3.7, 6.3], "period": "20260630", "rev_ttm": 728.9, "np_ttm": 10.8, "ocf_ttm": 1.0, "fcf_ttm": -0.6, "fcf_yield": -0.5, "ocf_yield": 0.8, "gm_median": 11.7, "gm_std": 0.6, "gm_stab": 0.95, "gm_chg_2022": 0.3, "npm_median": 2.2, "roe_median": 9.3, "commodity": false, "hard_ratio": 1.5, "fix_assets": 7.5, "goodwill_ratio": 3.3, "pb_calc": 0.65, "capex_dep": 0.14, "interest_debt": 33.5, "debt_ebitda": 1.1, "debt_ratio": 54.5, "debt_mv": 27.1, "payout": 30.2, "div_years": 5, "rev_cagr3": -0.0, "np_cagr3": -8.6, "rev_yoy": -1.4, "np_yoy": -9.0, "np_vol": 43.6, "loss_years": 0, "far_share": 56.0, "earn_yield": 8.7, "consensus_n": 7, "fwd_pe": 9.3, "fwd_pe2": 8.7, "fwd_g1": 23.0, "fwd_g2": 7.0, "peg": 1.33, "consensus_disp": null, "mainbz": [["产品", 50.0], ["药品", 44.0], ["器械耗材", 5.0], ["诊断试剂", 1.0]], "ret_prev_year": -15.3, "ret_prev2_year": 3.4, "ret_ytd": -7.2, "ret_pivot": -6.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": 2.4, "ret_120": -12.4, "ret_250": -13.1, "mdd_250": -21.2, "vol_250": 19.3, "pos_52w": 84.2}, "S": {"duration": 25, "pricing": 47, "hard": 2, "bondness": 51}, "label": "中性", "tags": [], "text": {"像什么": ["PE 11.5 倍、股息率 2.8%、毛利率近 5 年中位 11.7%、固定资产占比 2%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 2%,毛利率近 5 年中位 11.7%。", "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 -0.5%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 0.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 0.14 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.5 倍 粗算,约 56%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -21%,年化波动 19%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -1% / 2% / -12%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "国药一致:PE 比行业中位低 11.0倍;股息率 与行业中位持平;毛利率 比行业中位低 1.7个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}