{"F": {"ts_code": "000411.SZ", "name": "英特集团", "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": "19960716", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.22, "pe_ttm": 12.8879, "pb": 1.0459, "dv_ttm": 3.4638, "total_mv": 577275.7802, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [6.2, 6.5, 6.5, 6.8, 6.9, 7.0], "rev_series": [250.1, 267.3, 306.2, 320.5, 333.5, 336.8], "np_series": [1.6, 1.7, 2.1, 4.9, 5.3, 5.0], "roe_series": [9.9, 9.4, 10.7, 15.4, 11.8, 10.3], "period": "20260630", "rev_ttm": 342.0, "np_ttm": 4.5, "ocf_ttm": 7.6, "fcf_ttm": 4.3, "fcf_yield": 7.5, "ocf_yield": 13.2, "gm_median": 6.8, "gm_std": 0.2, "gm_stab": 0.97, "gm_chg_2022": 0.2, "npm_median": 1.8, "roe_median": 10.7, "commodity": false, "hard_ratio": 7.2, "fix_assets": 12.7, "goodwill_ratio": 2.4, "pb_calc": 1.05, "capex_dep": 4.1, "interest_debt": 45.0, "debt_ebitda": 3.9, "debt_ratio": 64.4, "debt_mv": 78.0, "payout": 36.9, "div_years": 5, "rev_cagr3": 3.2, "np_cagr3": 33.2, "rev_yoy": 3.2, "np_yoy": -21.5, "np_vol": 49.4, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["药品销售", 31.0], ["药品类销售", 31.0], ["器械耗材类销售", 2.0]], "ret_prev_year": 25.1, "ret_prev2_year": -2.5, "ret_ytd": -17.6, "ret_pivot": 22.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.9, "ret_60": 15.3, "ret_120": -8.4, "ret_250": -7.3, "mdd_250": -37.5, "vol_250": 39.6, "pos_52w": 73.9}, "S": {"duration": 28, "pricing": 45, "hard": 12, "bondness": 62}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 12.9 倍、股息率 3.5%、毛利率近 5 年中位 6.8%、固定资产占比 7%、有息负债/EBITDA 3.9 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 7%,毛利率近 5 年中位 6.8%。", "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 7.5%(经营现金流/市值 13.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.2 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 7%,资本开支/折旧 4.10 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.9 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -7%,最大回撤 -38%,年化波动 40%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 6% / 15% / -8%。", "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%。", "英特集团:PE 比行业中位低 9.6倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 6.6个百分点;固定资产占比 与行业中位持平。"]}}