{"F": {"ts_code": "002728.SZ", "name": "特一药业", "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": "20140731", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.97, "pe_ttm": 61.5791, "pb": 2.5873, "dv_ttm": 1.6639, "total_mv": 460438.8906, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.3, 53.0, 49.0, 56.1, 43.9, 54.6], "rev_series": [6.3, 7.6, 8.9, 10.7, 6.9, 9.2], "np_series": [0.4, 1.3, 1.8, 2.5, 0.2, 0.8], "roe_series": [3.9, 10.8, 13.4, 14.8, 1.1, 4.6], "period": "20260630", "rev_ttm": 8.3, "np_ttm": 0.7, "ocf_ttm": 1.8, "fcf_ttm": 1.1, "fcf_yield": 2.4, "ocf_yield": 4.0, "gm_median": 53.0, "gm_std": 4.4, "gm_stab": 0.92, "gm_chg_2022": 0.7, "npm_median": 16.7, "roe_median": 10.8, "commodity": false, "hard_ratio": 29.7, "fix_assets": 7.3, "goodwill_ratio": 21.1, "pb_calc": 2.59, "capex_dep": 1.26, "interest_debt": 4.2, "debt_ebitda": 2.9, "debt_ratio": 27.3, "debt_mv": 9.2, "payout": 93.8, "div_years": 5, "rev_cagr3": 1.4, "np_cagr3": -22.9, "rev_yoy": -19.9, "np_yoy": -18.2, "np_vol": 135.0, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["中成药", 44.0], ["化学药制剂", 25.0], ["化学制剂药", 25.0], ["化学原料药", 5.0]], "ret_prev_year": 22.3, "ret_prev2_year": -28.5, "ret_ytd": -16.2, "ret_pivot": 31.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.9, "ret_60": 11.7, "ret_120": -18.5, "ret_250": -3.4, "mdd_250": -47.1, "vol_250": 51.5, "pos_52w": 59.6}, "S": {"duration": 79, "pricing": 67, "hard": 48, "bondness": 70}, "label": "中性", "tags": ["商誉占比高"], "text": {"像什么": ["PE 61.6 倍、股息率 1.7%、毛利率近 5 年中位 53.0%、固定资产占比 30%、有息负债/EBITDA 2.9 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 53.0%),硬资产占比 30%。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 2.4%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 53.0%,稳定度 92%,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 30%,资本开支/折旧 1.26 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 61.6 倍 粗算,约 92%(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 -47%,年化波动 52%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -5% / 12% / -18%。", "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%。", "特一药业:PE 比行业中位高 38.5倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位高 6.3个百分点。"]}}