{"F": {"ts_code": "002107.SZ", "name": "沃华医药", "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": "20070124", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.82, "pe_ttm": 33.1905, "pb": 5.5671, "dv_ttm": 3.8563, "total_mv": 393656.9472, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [77.8, 77.5, 75.3, 74.4, 72.6, 75.4], "rev_series": [10.1, 9.4, 10.1, 9.1, 7.6, 8.2], "np_series": [1.8, 1.6, 1.1, 0.6, 0.4, 1.0], "roe_series": [24.2, 20.1, 13.7, 7.6, 4.8, 13.5], "period": "20260630", "rev_ttm": 7.8, "np_ttm": 1.2, "ocf_ttm": 1.3, "fcf_ttm": 1.3, "fcf_yield": 3.4, "ocf_yield": 3.4, "gm_median": 75.3, "gm_std": 1.6, "gm_stab": 0.98, "gm_chg_2022": -2.6, "npm_median": 8.9, "roe_median": 13.5, "commodity": false, "hard_ratio": 32.6, "fix_assets": 3.1, "goodwill_ratio": 3.4, "pb_calc": 5.57, "capex_dep": 0.05, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 26.3, "debt_mv": 0.0, "payout": 203.2, "div_years": 3, "rev_cagr3": -7.0, "np_cagr3": -3.8, "rev_yoy": -7.5, "np_yoy": 51.2, "np_vol": 78.8, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["心脑血管系统药物", 72.0], ["肌肉骨骼系统药物", 21.0], ["其他类", 4.0], ["抗病毒类呼吸系统药物", 3.0]], "ret_prev_year": 35.9, "ret_prev2_year": -19.1, "ret_ytd": 14.1, "ret_pivot": 111.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.3, "ret_60": 17.7, "ret_120": 4.2, "ret_250": 2.9, "mdd_250": -31.4, "vol_250": 43.8, "pos_52w": 85.3}, "S": {"duration": 56, "pricing": 77, "hard": 52, "bondness": 78}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 203%、股息率 3.9%、营收 3 年复合 -7.0%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 75.3% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 3.4%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 75.3%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -2.6 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 33%,资本开支/折旧 0.05 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.2 倍 粗算,约 85%(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 3%,最大回撤 -31%,年化波动 44%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 10% / 18% / 4%。", "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%。", "沃华医药:PE 比行业中位高 10.1倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 17.8个百分点;固定资产占比 比行业中位高 9.2个百分点。"]}}