{"F": {"ts_code": "002462.SZ", "name": "嘉事堂", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "20100818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.29, "pe_ttm": 39.4506, "pb": 0.8077, "dv_ttm": 0.9357, "total_mv": 358508.0259, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.2, 8.4, 8.0, 6.6, 6.6, 6.4], "rev_series": [232.6, 256.3, 262.2, 300.0, 240.2, 195.3], "np_series": [3.2, 3.5, 2.9, 2.5, 1.6, 1.1], "roe_series": [9.0, 9.4, 7.4, 6.0, 3.7, 2.6], "period": "20260630", "rev_ttm": 181.0, "np_ttm": 0.9, "ocf_ttm": 13.8, "fcf_ttm": 13.6, "fcf_yield": 37.8, "ocf_yield": 38.4, "gm_median": 6.6, "gm_std": 0.8, "gm_stab": 0.88, "gm_chg_2022": -1.1, "npm_median": 1.3, "roe_median": 6.0, "commodity": false, "hard_ratio": 1.9, "fix_assets": 2.2, "goodwill_ratio": 3.0, "pb_calc": 0.81, "capex_dep": 1.13, "interest_debt": 15.5, "debt_ebitda": 3.8, "debt_ratio": 48.7, "debt_mv": 43.2, "payout": 30.3, "div_years": 5, "rev_cagr3": -9.4, "np_cagr3": -27.7, "rev_yoy": -14.7, "np_yoy": -19.1, "np_vol": 16.2, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["商业收入", 33.0], ["产品", 33.0], ["医药批发", 32.0], ["医药连锁", 1.0]], "ret_prev_year": 12.7, "ret_prev2_year": -7.5, "ret_ytd": -13.7, "ret_pivot": 20.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.4, "ret_60": -6.7, "ret_120": -19.4, "ret_250": -15.6, "mdd_250": -44.1, "vol_250": 39.3, "pos_52w": 64.7}, "S": {"duration": 63, "pricing": 41, "hard": 3, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 39.5 倍、股息率 0.9%、毛利率近 5 年中位 6.6%、固定资产占比 2%、有息负债/EBITDA 3.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 2%,毛利率近 5 年中位 6.6%。", "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 37.8%(经营现金流/市值 38.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.6%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -1.1 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 1.13 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.5 倍 粗算,约 87%(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 -16%,最大回撤 -44%,年化波动 39%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 4% / -7% / -19%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "嘉事堂:PE 比行业中位高 17.0倍;股息率 比行业中位低 1.9个百分点;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}