{"F": {"ts_code": "000950.SZ", "name": "重药控股", "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": "19990916", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.32, "pe_ttm": 25.3886, "pb": 0.7762, "dv_ttm": 1.1278, "total_mv": 911197.9492, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.4, 9.2, 8.6, 7.9, 7.4, 7.2], "rev_series": [452.2, 625.2, 678.3, 801.2, 805.6, 824.5], "np_series": [8.8, 10.1, 9.5, 6.5, 2.8, 3.9], "roe_series": [10.5, 10.8, 9.3, 6.0, 2.5, 3.4], "period": "20260630", "rev_ttm": 813.9, "np_ttm": 3.6, "ocf_ttm": -5.8, "fcf_ttm": -9.3, "fcf_yield": -10.2, "ocf_yield": -6.4, "gm_median": 7.9, "gm_std": 0.7, "gm_stab": 0.91, "gm_chg_2022": -0.8, "npm_median": 1.0, "roe_median": 6.0, "commodity": false, "hard_ratio": 3.4, "fix_assets": 23.1, "goodwill_ratio": 2.1, "pb_calc": 0.78, "capex_dep": 1.54, "interest_debt": 259.7, "debt_ebitda": 19.6, "debt_ratio": 75.5, "debt_mv": 285.0, "payout": 27.3, "div_years": 5, "rev_cagr3": 6.7, "np_cagr3": -25.9, "rev_yoy": -2.6, "np_yoy": -9.9, "np_vol": 32.2, "loss_years": 0, "far_share": 80.0, "earn_yield": 3.9, "consensus_n": 1, "fwd_pe": 20.9, "fwd_pe2": 19.7, "fwd_g1": 22.0, "fwd_g2": 6.0, "peg": 3.48, "consensus_disp": null, "mainbz": [["产品", 46.0], ["药品类", 38.0], ["医疗器械类", 7.0], ["医疗器械", 7.0]], "ret_prev_year": 8.9, "ret_prev2_year": 10.2, "ret_ytd": -7.6, "ret_pivot": 16.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.0, "ret_60": 3.3, "ret_120": -7.5, "ret_250": -1.3, "mdd_250": -30.7, "vol_250": 42.9, "pos_52w": 74.8}, "S": {"duration": 47, "pricing": 43, "hard": 5, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 25.4 倍、股息率 1.1%、毛利率近 5 年中位 7.9%、固定资产占比 3%、有息负债/EBITDA 19.6 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 3%,毛利率近 5 年中位 7.9%。", "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 -10.2%(经营现金流/市值 -6.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.9%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -0.8 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 3%,资本开支/折旧 1.54 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.4 倍 粗算,约 80%(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 -1%,最大回撤 -31%,年化波动 43%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -2% / 3% / -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%。", "重药控股:PE 比行业中位高 2.9倍;股息率 比行业中位低 1.7个百分点;毛利率 比行业中位低 5.5个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}