{"F": {"ts_code": "600085.SH", "name": "同仁堂", "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": "19970625", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.14, "pe_ttm": 34.1289, "pb": 2.4302, "dv_ttm": 2.0713, "total_mv": 3310729.3042, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.0, 47.6, 48.8, 47.3, 44.0, 42.9], "rev_series": [128.3, 146.0, 153.7, 178.6, 186.0, 172.6], "np_series": [10.3, 12.3, 14.3, 16.7, 15.3, 11.9], "roe_series": [10.8, 12.0, 12.7, 13.4, 11.6, 8.9], "period": "20260630", "rev_ttm": 158.7, "np_ttm": 9.7, "ocf_ttm": 24.7, "fcf_ttm": 21.4, "fcf_yield": 6.5, "ocf_yield": 7.5, "gm_median": 47.3, "gm_std": 2.3, "gm_stab": 0.95, "gm_chg_2022": 1.8, "npm_median": 12.9, "roe_median": 12.0, "commodity": false, "hard_ratio": 13.1, "fix_assets": 39.3, "goodwill_ratio": 0.1, "pb_calc": 2.43, "capex_dep": 0.93, "interest_debt": 34.2, "debt_ebitda": 1.3, "debt_ratio": 29.3, "debt_mv": 10.3, "payout": 57.7, "div_years": 5, "rev_cagr3": 3.9, "np_cagr3": -5.9, "rev_yoy": -14.2, "np_yoy": -23.2, "np_vol": 16.6, "loss_years": 0, "far_share": 85.0, "earn_yield": 2.9, "consensus_n": 7, "fwd_pe": 25.3, "fwd_pe2": 22.3, "fwd_g1": 35.0, "fwd_g2": 13.0, "peg": 1.95, "consensus_disp": null, "mainbz": [["产品", 50.0], ["医药工业主营业务", 33.0], ["医药商业主营业务", 29.0], ["其他行业主营业务", 0.0]], "ret_prev_year": -19.8, "ret_prev2_year": -23.4, "ret_ytd": -24.0, "ret_pivot": -19.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": 1.4, "ret_120": -18.0, "ret_250": -34.6, "mdd_250": -40.4, "vol_250": 20.6, "pos_52w": 65.7}, "S": {"duration": 57, "pricing": 66, "hard": 21, "bondness": 53}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 13%,毛利率近 5 年中位 47.3%,自由现金流/市值 6.5%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 47.3%),硬资产占比 13%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.5%(经营现金流/市值 7.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.3%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.8 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 13%,资本开支/折旧 0.93 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.1 倍 粗算,约 85%(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 -35%,最大回撤 -40%,年化波动 21%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -4% / 1% / -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%。", "同仁堂:PE 比行业中位高 11.0倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位低 10.2个百分点;固定资产占比 比行业中位低 10.3个百分点。"]}}