{"F": {"ts_code": "600129.SH", "name": "太极集团", "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": "19971118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.8, "pe_ttm": 109.2854, "pb": 2.1184, "dv_ttm": null, "total_mv": 760957.116, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.4, 42.5, 45.4, 48.6, 39.3, 29.6], "rev_series": [112.1, 121.5, 140.5, 156.2, 123.9, 105.0], "np_series": [0.7, -5.2, 3.5, 8.2, 0.3, 1.2], "roe_series": [2.1, -17.5, 12.1, 24.6, 0.7, 3.4], "period": "20260630", "rev_ttm": 99.3, "np_ttm": 0.7, "ocf_ttm": 2.5, "fcf_ttm": -1.9, "fcf_yield": -2.5, "ocf_yield": 3.3, "gm_median": 42.5, "gm_std": 6.5, "gm_stab": 0.85, "gm_chg_2022": 5.0, "npm_median": 1.1, "roe_median": 3.4, "commodity": false, "hard_ratio": 37.0, "fix_assets": 53.7, "goodwill_ratio": 0.0, "pb_calc": 2.12, "capex_dep": 1.37, "interest_debt": 55.2, "debt_ebitda": 6.6, "debt_ratio": 74.3, "debt_mv": 72.5, "payout": 20.3, "div_years": 1, "rev_cagr3": -9.3, "np_cagr3": -29.9, "rev_yoy": -10.1, "np_yoy": -36.7, "np_vol": 436.2, "loss_years": 1, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 6, "fwd_pe": 24.4, "fwd_pe2": 16.2, "fwd_g1": 348.0, "fwd_g2": 50.0, "peg": 0.49, "consensus_disp": null, "mainbz": [["产品", 30.0], ["工业收入", 19.0], ["医药工业", 19.0], ["商业收入", 18.0]], "ret_prev_year": -27.0, "ret_prev2_year": -46.4, "ret_ytd": -23.5, "ret_pivot": -34.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.2, "ret_60": 6.0, "ret_120": -17.8, "ret_250": -41.8, "mdd_250": -50.0, "vol_250": 38.4, "pos_52w": 58.2}, "S": {"duration": 93, "pricing": 62, "hard": 59, "bondness": 42}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 109.3 倍、股息率 —、毛利率近 5 年中位 42.5%、固定资产占比 37%、有息负债/EBITDA 6.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 37%、毛利率 42.5% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -2.5%(经营现金流/市值 3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.5%,稳定度 85%,2020→2022 成本通胀期毛利率变化 5.0 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 37%,资本开支/折旧 1.37 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 109.3 倍 粗算,约 95%(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 -42%,最大回撤 -50%,年化波动 38%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -15% / 6% / -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%。", "太极集团:PE 比行业中位高 86.2倍;股息率 ;毛利率 比行业中位低 15.0个百分点;固定资产占比 比行业中位高 13.6个百分点。"]}}