{"F": {"ts_code": "301408.SZ", "name": "华人健康", "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": "20230301", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.4, "pe_ttm": 25.7703, "pb": 2.7185, "dv_ttm": 0.6944, "total_mv": 576014.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.3, 34.9, 32.6, 30.6, 32.6, 33.9], "rev_series": [19.3, 23.4, 32.6, 38.0, 45.3, 54.9], "np_series": [0.9, 0.7, 1.6, 1.1, 1.4, 1.9], "roe_series": [14.2, 9.3, 18.6, 7.9, 7.0, 9.3], "period": "20260630", "rev_ttm": 58.1, "np_ttm": 2.2, "ocf_ttm": 7.2, "fcf_ttm": 6.0, "fcf_yield": 10.4, "ocf_yield": 12.4, "gm_median": 32.6, "gm_std": 1.4, "gm_stab": 0.96, "gm_chg_2022": -3.7, "npm_median": 3.4, "roe_median": 9.3, "commodity": false, "hard_ratio": 9.2, "fix_assets": 5.0, "goodwill_ratio": 23.8, "pb_calc": 2.72, "capex_dep": 2.65, "interest_debt": 15.4, "debt_ebitda": 1.9, "debt_ratio": 60.2, "debt_mv": 26.7, "payout": 29.4, "div_years": 3, "rev_cagr3": 18.9, "np_cagr3": 5.8, "rev_yoy": 12.8, "np_yoy": 31.0, "np_vol": 57.2, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.9, "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", 41.0], ["合计特别调整", 8.0], ["其他业务", 1.0]], "ret_prev_year": 70.5, "ret_prev2_year": -30.8, "ret_ytd": -22.0, "ret_pivot": 54.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.3, "ret_60": -6.1, "ret_120": -21.5, "ret_250": -2.6, "mdd_250": -55.9, "vol_250": 69.7, "pos_52w": 48.6}, "S": {"duration": 47, "pricing": 55, "hard": 15, "bondness": 21}, "label": "中性", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["PE 25.8 倍、股息率 0.7%、毛利率近 5 年中位 32.6%、固定资产占比 9%、有息负债/EBITDA 1.9 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 32.6%),硬资产占比 9%。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 10.4%(经营现金流/市值 12.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.7 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 9%,资本开支/折旧 2.65 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.8 倍 粗算,约 81%(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 -56%,年化波动 70%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -7% / -6% / -22%。", "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%。", "华人健康:PE 比行业中位高 3.3倍;股息率 比行业中位低 2.1个百分点;毛利率 比行业中位高 19.2个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}