{"F": {"ts_code": "301017.SZ", "name": "漱玉平民", "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": "创业板", "list_date": "20210705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.15, "pe_ttm": 51.4055, "pb": 2.6696, "dv_ttm": 0.3422, "total_mv": 533373.3365, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.1, 28.5, 28.6, 28.3, 25.4, 26.2], "rev_series": [46.4, 53.2, 78.2, 91.9, 95.7, 103.3], "np_series": [2.2, 1.1, 2.3, 1.3, -1.9, 1.1], "roe_series": [15.2, 6.7, 11.1, 5.9, -8.7, 5.5], "period": "20260630", "rev_ttm": 107.6, "np_ttm": 1.0, "ocf_ttm": 7.1, "fcf_ttm": 5.9, "fcf_yield": 11.0, "ocf_yield": 13.3, "gm_median": 28.3, "gm_std": 1.4, "gm_stab": 0.95, "gm_chg_2022": -1.5, "npm_median": 1.5, "roe_median": 5.9, "commodity": false, "hard_ratio": 7.9, "fix_assets": 7.7, "goodwill_ratio": 23.8, "pb_calc": 2.54, "capex_dep": 2.33, "interest_debt": 32.2, "debt_ebitda": 5.2, "debt_ratio": 76.8, "debt_mv": 60.4, "payout": 15.6, "div_years": 4, "rev_cagr3": 9.7, "np_cagr3": -20.7, "rev_yoy": 8.9, "np_yoy": -28.9, "np_vol": 139.4, "loss_years": 1, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["中西成药", 40.0], ["合计特别调整", 9.0], ["其他业务", 0.0]], "ret_prev_year": 23.5, "ret_prev2_year": -41.5, "ret_ytd": -10.6, "ret_pivot": 37.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.1, "ret_60": -1.9, "ret_120": -8.8, "ret_250": 3.2, "mdd_250": -43.8, "vol_250": 63.3, "pos_52w": 61.4}, "S": {"duration": 72, "pricing": 54, "hard": 13, "bondness": 33}, "label": "中性", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["PE 51.4 倍、股息率 0.3%、毛利率近 5 年中位 28.3%、固定资产占比 8%、有息负债/EBITDA 5.2 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 8%,毛利率近 5 年中位 28.3%。", "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 11.0%(经营现金流/市值 13.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.3%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -1.5 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 2.33 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.4 倍 粗算,约 90%(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 -44%,年化波动 63%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -5% / -2% / -9%。", "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%。", "漱玉平民:PE 比行业中位高 28.9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 14.9个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}