{"F": {"ts_code": "000423.SZ", "name": "东阿阿胶", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "中药Ⅱ", "sw3": "中药Ⅲ", "ind": "中药Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19960729", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 48.55, "pe_ttm": 17.4044, "pb": 3.0579, "dv_ttm": 5.7349, "total_mv": 3106359.114, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.0, 62.3, 68.3, 70.2, 72.4, 73.5], "rev_series": [34.1, 38.5, 40.4, 47.2, 59.2, 67.0], "np_series": [0.4, 4.4, 7.8, 11.5, 15.6, 17.4], "roe_series": [0.4, 4.5, 7.7, 10.9, 14.8, 16.8], "period": "20260630", "rev_ttm": 68.0, "np_ttm": 17.8, "ocf_ttm": 14.1, "fcf_ttm": 11.3, "fcf_yield": 3.6, "ocf_yield": 4.5, "gm_median": 70.2, "gm_std": 3.9, "gm_stab": 0.94, "gm_chg_2022": 13.3, "npm_median": 24.4, "roe_median": 10.9, "commodity": false, "hard_ratio": 15.4, "fix_assets": 19.6, "goodwill_ratio": 0.2, "pb_calc": 3.06, "capex_dep": 2.14, "interest_debt": 0.8, "debt_ebitda": 0.0, "debt_ratio": 19.5, "debt_mv": 0.3, "payout": 100.0, "div_years": 5, "rev_cagr3": 18.4, "np_cagr3": 30.6, "rev_yoy": 3.4, "np_yoy": 5.7, "np_vol": 350.4, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.7, "consensus_n": 22, "fwd_pe": 15.8, "fwd_pe2": 13.9, "fwd_g1": 10.0, "fwd_g2": 14.0, "peg": 1.13, "consensus_disp": null, "mainbz": [["阿胶及系列产品", 45.0], ["阿胶及系列", 45.0], ["其他药品及保健品", 4.0], ["其他药品", 4.0]], "ret_prev_year": -19.3, "ret_prev2_year": 39.8, "ret_ytd": 4.9, "ret_pivot": 14.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -0.3, "ret_120": -1.5, "ret_250": 0.4, "mdd_250": -23.0, "vol_250": 23.6, "pos_52w": 88.7}, "S": {"duration": 35, "pricing": 79, "hard": 25, "bondness": 67}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 100%、股息率 5.7%、营收 3 年复合 18.4%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 70.2%),硬资产占比 15%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.6%(经营现金流/市值 4.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 70.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 13.3 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 15%,资本开支/折旧 2.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.4 倍 粗算,约 71%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 0%,最大回撤 -23%,年化波动 24%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -7% / -0% / -2%。", "行业对照": ["同申万二级「中药Ⅱ」68 家中位:PE 23.1 / 股息率 2.8% / 毛利率 57.5% / 固定资产占比 23% / 分红率 64%。", "东阿阿胶:PE 比行业中位低 5.7倍;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位高 12.7个百分点;固定资产占比 比行业中位低 8.0个百分点。"]}}