{"F": {"ts_code": "300534.SZ", "name": "陇神戎发", "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": "创业板", "list_date": "20160913", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.2, "pe_ttm": 115.878, "pb": 5.5917, "dv_ttm": 0.303, "total_mv": 400415.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.6, 32.1, 39.6, 64.2, 72.2, 68.3], "rev_series": [2.5, 2.9, 4.1, 10.8, 10.4, 8.9], "np_series": [0.0, -0.1, 0.3, 0.6, 0.3, 0.4], "roe_series": [0.3, -1.3, 3.5, 8.9, 4.0, 6.4], "period": "20260630", "rev_ttm": 7.4, "np_ttm": 0.3, "ocf_ttm": 0.4, "fcf_ttm": 0.1, "fcf_yield": 0.3, "ocf_yield": 1.0, "gm_median": 64.2, "gm_std": 16.2, "gm_stab": 0.75, "gm_chg_2022": 7.0, "npm_median": 7.3, "roe_median": 4.0, "commodity": false, "hard_ratio": 39.2, "fix_assets": 5.2, "goodwill_ratio": 1.0, "pb_calc": 5.59, "capex_dep": 0.7, "interest_debt": 1.2, "debt_ebitda": 1.0, "debt_ratio": 39.3, "debt_mv": 3.1, "payout": 27.6, "div_years": 3, "rev_cagr3": 29.0, "np_cagr3": 19.4, "rev_yoy": -31.0, "np_yoy": -40.7, "np_vol": 320.5, "loss_years": 1, "far_share": 96.0, "earn_yield": 0.9, "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], ["合剂类等", 23.0], ["合剂类", 23.0], ["滴丸、片剂类等", 7.0]], "ret_prev_year": 9.5, "ret_prev2_year": -11.6, "ret_ytd": 39.5, "ret_pivot": 85.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -19.7, "ret_60": 76.9, "ret_120": 35.8, "ret_250": 20.8, "mdd_250": -35.8, "vol_250": 63.9, "pos_52w": 65.2}, "S": {"duration": 94, "pricing": 70, "hard": 63, "bondness": 14}, "label": "中性", "tags": [], "text": {"像什么": ["PE 115.9 倍、股息率 0.3%、毛利率近 5 年中位 64.2%、固定资产占比 39%、有息负债/EBITDA 1.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 39%),没有定价权:毛利率近 5 年中位 64.2%,稳定度 75%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.3%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.2%,稳定度 75%,2020→2022 成本通胀期毛利率变化 7.0 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 39%,资本开支/折旧 0.70 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 115.9 倍 粗算,约 96%(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 21%,最大回撤 -36%,年化波动 64%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -20% / 77% / 36%。", "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%。", "陇神戎发:PE 比行业中位高 92.8倍;股息率 比行业中位低 2.5个百分点;毛利率 比行业中位高 6.7个百分点;固定资产占比 比行业中位高 15.8个百分点。"]}}