{"F": {"ts_code": "000999.SZ", "name": "华润三九", "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": "20000309", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.9, "pe_ttm": 12.6472, "pb": 1.815, "dv_ttm": 4.1767, "total_mv": 4143902.322, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [62.5, 59.7, 54.0, 53.2, 51.9, 54.0], "rev_series": [136.4, 153.2, 180.8, 247.4, 276.2, 316.0], "np_series": [16.0, 20.5, 24.5, 28.5, 33.7, 34.2], "roe_series": [12.2, 14.1, 15.2, 15.9, 17.3, 16.3], "period": "20260630", "rev_ttm": 318.1, "np_ttm": 32.8, "ocf_ttm": 50.8, "fcf_ttm": 37.1, "fcf_yield": 9.0, "ocf_yield": 12.2, "gm_median": 54.0, "gm_std": 2.7, "gm_stab": 0.95, "gm_chg_2022": -8.4, "npm_median": 13.6, "roe_median": 15.9, "commodity": false, "hard_ratio": 19.1, "fix_assets": 106.9, "goodwill_ratio": 12.6, "pb_calc": 1.81, "capex_dep": 1.31, "interest_debt": 45.1, "debt_ebitda": 0.7, "debt_ratio": 29.9, "debt_mv": 10.9, "payout": 50.5, "div_years": 5, "rev_cagr3": 20.5, "np_cagr3": 11.8, "rev_yoy": 1.4, "np_yoy": -8.0, "np_vol": 8.6, "loss_years": 0, "far_share": 60.0, "earn_yield": 7.9, "consensus_n": 14, "fwd_pe": 11.4, "fwd_pe2": 10.3, "fwd_g1": 11.0, "fwd_g2": 11.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["处方药", 23.0], ["医药行业-处方药", 23.0], ["非处方药", 21.0], ["医药行业-自我诊疗(CHC)", 21.0]], "ret_prev_year": -15.1, "ret_prev2_year": 23.9, "ret_ytd": -10.7, "ret_pivot": -8.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": 0.8, "ret_120": -12.7, "ret_250": -16.7, "mdd_250": -26.0, "vol_250": 20.7, "pos_52w": 83.2}, "S": {"duration": 27, "pricing": 64, "hard": 31, "bondness": 45}, "label": "定价权·品牌", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 19%)但有定价权:毛利率近 5 年中位 54.0%,稳定度 95%、ROE 近 5 年中位 15.9%。", "自由现金流/市值 9.0%,分红率 50%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 54.0%),硬资产占比 19%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 9.0%(经营现金流/市值 12.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.0%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -8.4 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 19%,资本开支/折旧 1.31 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.6 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -17%,最大回撤 -26%,年化波动 21%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -1% / 1% / -13%。", "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%。", "华润三九:PE 比行业中位低 10.5倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 3.5个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}