{"F": {"ts_code": "002198.SZ", "name": "ST嘉应", "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": "20071218", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.74, "pe_ttm": null, "pb": 2.6928, "dv_ttm": null, "total_mv": 189808.7026, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [73.1, 75.3, 65.3, 65.2, 59.9, 59.9], "rev_series": [5.4, 5.7, 6.6, 5.3, 3.8, 3.8], "np_series": [0.2, 0.0, 0.4, 0.3, 0.2, 0.3], "roe_series": [2.9, 0.2, 6.2, 4.6, 2.7, 4.1], "period": "20260630", "rev_ttm": 3.5, "np_ttm": -0.0, "ocf_ttm": -0.2, "fcf_ttm": -1.2, "fcf_yield": -6.5, "ocf_yield": -1.1, "gm_median": 65.2, "gm_std": 5.6, "gm_stab": 0.91, "gm_chg_2022": -7.8, "npm_median": 6.4, "roe_median": 4.1, "commodity": false, "hard_ratio": 25.6, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 2.69, "capex_dep": 6.31, "interest_debt": 0.2, "debt_ebitda": 0.6, "debt_ratio": 16.8, "debt_mv": 1.1, "payout": 74.0, "div_years": 1, "rev_cagr3": -16.5, "np_cagr3": -11.5, "rev_yoy": -16.7, "np_yoy": -164.6, "np_vol": 1161.1, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["自产类药品", 33.0], ["医药产品", 33.0], ["其他主营业务", 0.0]], "ret_prev_year": -4.0, "ret_prev2_year": 1.2, "ret_ytd": -46.8, "ret_pivot": -36.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.0, "ret_60": 5.9, "ret_120": -52.5, "ret_250": -44.7, "mdd_250": -64.9, "vol_250": 45.6, "pos_52w": 44.4}, "S": {"duration": 100, "pricing": 68, "hard": 41, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE —、股息率 —、毛利率近 5 年中位 65.2%、固定资产占比 26%、有息负债/EBITDA 0.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 65.2%),硬资产占比 26%。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": "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 -6.5%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 65.2%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -7.8 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 26%,资本开支/折旧 6.31 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -45%,最大回撤 -65%,年化波动 46%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 12% / 6% / -52%。", "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%。", "ST嘉应:PE ;股息率 ;毛利率 比行业中位高 7.7个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}