{"F": {"ts_code": "000623.SZ", "name": "吉林敖东", "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": "19961028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.49, "pe_ttm": 6.9893, "pb": 0.6912, "dv_ttm": 2.651, "total_mv": 2211210.5946, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.4, 52.3, 51.2, 49.2, 40.3, 48.2], "rev_series": [22.5, 23.0, 28.7, 34.5, 26.1, 23.4], "np_series": [17.1, 17.8, 17.8, 14.6, 15.5, 24.0], "roe_series": [7.5, 7.4, 7.0, 5.5, 5.5, 8.0], "period": "20260630", "rev_ttm": 22.4, "np_ttm": 31.6, "ocf_ttm": 3.1, "fcf_ttm": 2.1, "fcf_yield": 1.0, "ocf_yield": 1.4, "gm_median": 49.2, "gm_std": 4.2, "gm_stab": 0.91, "gm_chg_2022": -8.3, "npm_median": 62.8, "roe_median": 7.0, "commodity": false, "hard_ratio": 6.3, "fix_assets": 22.8, "goodwill_ratio": 0.0, "pb_calc": 0.69, "capex_dep": 0.68, "interest_debt": 22.4, "debt_ebitda": 18.9, "debt_ratio": 10.7, "debt_mv": 10.1, "payout": 37.9, "div_years": 5, "rev_cagr3": -6.6, "np_cagr3": 10.4, "rev_yoy": -8.5, "np_yoy": 60.0, "np_vol": 24.1, "loss_years": 0, "far_share": 28.0, "earn_yield": 14.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["中药", 32.0], ["连锁药店批发和零售", 7.0], ["化学药品", 6.0]], "ret_prev_year": 16.8, "ret_prev2_year": 21.6, "ret_ytd": -3.8, "ret_pivot": 55.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.0, "ret_60": 12.6, "ret_120": 0.5, "ret_250": -8.3, "mdd_250": -24.6, "vol_250": 28.3, "pos_52w": 85.9}, "S": {"duration": 16, "pricing": 60, "hard": 10, "bondness": 64}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.0 倍、股息率 2.7%、毛利率近 5 年中位 49.2%、固定资产占比 6%、有息负债/EBITDA 18.9 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 49.2%),硬资产占比 6%。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 1.0%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -8.3 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 6%,资本开支/折旧 0.68 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.0 倍 粗算,约 28%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -8%,最大回撤 -25%,年化波动 28%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 2% / 13% / 0%。", "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%。", "吉林敖东:PE 比行业中位低 16.1倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 8.3个百分点;固定资产占比 比行业中位低 17.1个百分点。"]}}