{"F": {"ts_code": "000963.SZ", "name": "华东医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20000127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.37, "pe_ttm": 13.8717, "pb": 1.8867, "dv_ttm": 3.3981, "total_mv": 4799977.8953, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.1, 30.7, 31.9, 32.4, 33.2, 32.4], "rev_series": [336.8, 345.6, 377.1, 406.2, 419.1, 436.1], "np_series": [28.2, 23.0, 25.0, 28.4, 35.1, 34.1], "roe_series": [20.9, 14.8, 14.2, 14.3, 15.9, 14.3], "period": "20260630", "rev_ttm": 440.0, "np_ttm": 34.6, "ocf_ttm": 42.9, "fcf_ttm": 27.8, "fcf_yield": 5.8, "ocf_yield": 8.9, "gm_median": 32.4, "gm_std": 0.8, "gm_stab": 0.97, "gm_chg_2022": -1.1, "npm_median": 7.0, "roe_median": 14.3, "commodity": false, "hard_ratio": 13.2, "fix_assets": 52.8, "goodwill_ratio": 7.1, "pb_calc": 1.89, "capex_dep": 3.03, "interest_debt": 21.5, "debt_ebitda": 0.4, "debt_ratio": 35.5, "debt_mv": 4.5, "payout": 46.4, "div_years": 5, "rev_cagr3": 5.0, "np_cagr3": 11.0, "rev_yoy": 1.8, "np_yoy": 2.5, "np_vol": 14.4, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "consensus_n": 13, "fwd_pe": 12.8, "fwd_pe2": 11.9, "fwd_g1": 8.0, "fwd_g2": 8.0, "peg": 1.6, "consensus_disp": null, "mainbz": [["产品", 33.0], ["商业收入", 22.0], ["商业", 21.0], ["制造业", 13.0]], "ret_prev_year": 17.5, "ret_prev2_year": -15.2, "ret_ytd": -29.6, "ret_pivot": 3.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.6, "ret_60": -6.0, "ret_120": -20.3, "ret_250": -39.5, "mdd_250": -41.0, "vol_250": 31.5, "pos_52w": 61.1}, "S": {"duration": 29, "pricing": 57, "hard": 21, "bondness": 53}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 46%、股息率 3.4%、营收 3 年复合 5.0%、有息负债/EBITDA 0.4 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 32.4%),硬资产占比 13%。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 5.8%(经营现金流/市值 8.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.4%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -1.1 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 13%,资本开支/折旧 3.03 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.9 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -40%,最大回撤 -41%,年化波动 32%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -6% / -6% / -20%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "华东医药:PE 比行业中位低 23.6倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位低 20.1个百分点;固定资产占比 比行业中位低 16.6个百分点。"]}}