{"F": {"ts_code": "002727.SZ", "name": "一心堂", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "线下药店", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "20140702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.26, "pe_ttm": 24.3652, "pb": 0.8856, "dv_ttm": 3.4828, "total_mv": 659390.2166, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.8, 37.0, 35.0, 33.0, 31.8, 32.6], "rev_series": [126.6, 145.9, 174.3, 173.8, 180.0, 173.4], "np_series": [7.9, 9.2, 10.1, 5.5, 1.1, 2.6], "roe_series": [15.2, 14.9, 14.4, 7.2, 1.5, 3.6], "period": "20260630", "rev_ttm": 168.9, "np_ttm": 2.7, "ocf_ttm": 19.8, "fcf_ttm": 16.9, "fcf_yield": 25.6, "ocf_yield": 30.0, "gm_median": 33.0, "gm_std": 1.9, "gm_stab": 0.94, "gm_chg_2022": -0.8, "npm_median": 3.2, "roe_median": 7.2, "commodity": false, "hard_ratio": 7.4, "fix_assets": 11.3, "goodwill_ratio": 12.8, "pb_calc": 0.89, "capex_dep": 2.89, "interest_debt": 24.1, "debt_ebitda": 1.3, "debt_ratio": 50.3, "debt_mv": 36.5, "payout": 87.5, "div_years": 5, "rev_cagr3": -0.2, "np_cagr3": -36.1, "rev_yoy": -5.0, "np_yoy": 2.9, "np_vol": 71.6, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.1, "consensus_n": 6, "fwd_pe": 15.3, "fwd_pe2": 13.2, "fwd_g1": 59.0, "fwd_g2": 16.0, "peg": 0.96, "consensus_disp": null, "mainbz": [["产品", 48.0], ["中西成药", 37.0], ["其他主营业务", 5.0], ["其他", 5.0]], "ret_prev_year": 2.8, "ret_prev2_year": -44.2, "ret_ytd": -11.1, "ret_pivot": 5.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": 4.0, "ret_120": -13.4, "ret_250": -23.7, "mdd_250": -35.6, "vol_250": 29.9, "pos_52w": 75.7}, "S": {"duration": 46, "pricing": 56, "hard": 12, "bondness": 75}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 88%、股息率 3.5%、营收 3 年复合 -0.2%、有息负债/EBITDA 1.3 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.0%),硬资产占比 7%。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": "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 25.6%(经营现金流/市值 30.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.8 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 7%,资本开支/折旧 2.89 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.4 倍 粗算,约 79%(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 -24%,最大回撤 -36%,年化波动 30%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -1% / 4% / -13%。", "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%。", "一心堂:PE 比行业中位高 1.9倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 19.6个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}