{"F": {"ts_code": "002603.SZ", "name": "以岭药业", "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": "20110728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.87, "pe_ttm": 19.2796, "pb": 2.4301, "dv_ttm": 5.041, "total_mv": 2651409.4698, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [64.5, 63.6, 63.8, 57.3, 50.2, 64.3], "rev_series": [87.8, 101.2, 125.3, 103.2, 65.1, 78.3], "np_series": [12.2, 13.4, 23.6, 13.5, -7.2, 12.9], "roe_series": [14.5, 14.9, 23.6, 12.1, -6.7, 12.1], "period": "20260630", "rev_ttm": 78.7, "np_ttm": 13.8, "ocf_ttm": 21.2, "fcf_ttm": 18.6, "fcf_yield": 7.0, "ocf_yield": 8.0, "gm_median": 63.6, "gm_std": 5.5, "gm_stab": 0.91, "gm_chg_2022": -0.7, "npm_median": 13.3, "roe_median": 12.1, "commodity": false, "hard_ratio": 47.8, "fix_assets": 66.9, "goodwill_ratio": 0.7, "pb_calc": 2.43, "capex_dep": 0.43, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 22.0, "debt_mv": 0.1, "payout": 70.5, "div_years": 4, "rev_cagr3": -14.5, "np_cagr3": -18.3, "rev_yoy": 0.9, "np_yoy": 13.3, "np_vol": 143.3, "loss_years": 1, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 8, "fwd_pe": 17.6, "fwd_pe2": 15.2, "fwd_g1": 10.0, "fwd_g2": 16.0, "peg": 1.1, "consensus_disp": null, "mainbz": [["产品", 36.0], ["心脑血管类药", 21.0], ["心脑血管类", 21.0], ["其他类", 7.0]], "ret_prev_year": 8.9, "ret_prev2_year": -30.8, "ret_ytd": -4.2, "ret_pivot": 15.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.6, "ret_60": 7.7, "ret_120": -3.3, "ret_250": 2.4, "mdd_250": -29.0, "vol_250": 34.1, "pos_52w": 77.2}, "S": {"duration": 38, "pricing": 71, "hard": 76, "bondness": 75}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 70%、股息率 5.0%、营收 3 年复合 -14.5%、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 48%、毛利率 63.6% 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 7.0%(经营现金流/市值 8.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.6%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -0.7 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 48%,资本开支/折旧 0.43 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.3 倍 粗算,约 74%(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 2%,最大回撤 -29%,年化波动 34%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -7% / 8% / -3%。", "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%。", "以岭药业:PE 比行业中位低 3.8倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 6.1个百分点;固定资产占比 比行业中位高 24.4个百分点。"]}}