{"F": {"ts_code": "000989.SZ", "name": "九芝堂", "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": "20000628", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.93, "pe_ttm": 23.232, "pb": 2.0782, "dv_ttm": 3.3215, "total_mv": 764356.2953, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.5, 59.0, 58.7, 60.5, 59.1, 59.9], "rev_series": [35.6, 37.8, 30.3, 29.6, 23.7, 22.3], "np_series": [2.7, 2.7, 3.6, 3.0, 2.2, 2.2], "roe_series": [6.9, 6.9, 9.0, 7.5, 5.6, 6.0], "period": "20260630", "rev_ttm": 26.0, "np_ttm": 3.3, "ocf_ttm": 6.8, "fcf_ttm": 6.2, "fcf_yield": 8.1, "ocf_yield": 9.0, "gm_median": 59.1, "gm_std": 0.7, "gm_stab": 0.99, "gm_chg_2022": -1.7, "npm_median": 10.0, "roe_median": 6.9, "commodity": false, "hard_ratio": 22.5, "fix_assets": 12.4, "goodwill_ratio": 6.2, "pb_calc": 2.08, "capex_dep": 0.61, "interest_debt": 0.6, "debt_ebitda": 0.1, "debt_ratio": 25.1, "debt_mv": 0.8, "payout": 115.1, "div_years": 5, "rev_cagr3": -9.8, "np_cagr3": -14.6, "rev_yoy": 29.1, "np_yoy": 74.0, "np_vol": 20.3, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 1, "fwd_pe": 25.2, "fwd_pe2": 21.0, "fwd_g1": -8.0, "fwd_g2": 20.0, "peg": 1.26, "consensus_disp": null, "mainbz": [["OTC", 39.0], ["处方药", 33.0], ["化工品", 20.0], ["其他主营业务", 2.0]], "ret_prev_year": 14.5, "ret_prev2_year": -19.3, "ret_ytd": 5.9, "ret_pivot": 54.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.8, "ret_60": 14.6, "ret_120": 1.9, "ret_250": -28.0, "mdd_250": -36.6, "vol_250": 34.3, "pos_52w": 74.7}, "S": {"duration": 44, "pricing": 70, "hard": 36, "bondness": 75}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 115%、股息率 3.3%、营收 3 年复合 -9.8%、有息负债/EBITDA 0.1 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 59.1%),硬资产占比 22%。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 8.1%(经营现金流/市值 9.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.1%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -1.7 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 22%,资本开支/折旧 0.61 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.2 倍 粗算,约 78%(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 -28%,最大回撤 -37%,年化波动 34%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -6% / 15% / 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%。", "九芝堂:PE 比行业中位高 0.1倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 1.6个百分点;固定资产占比 比行业中位低 0.9个百分点。"]}}