{"F": {"ts_code": "600211.SH", "name": "西藏药业", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "主板", "list_date": "19990721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 38.06, "pe_ttm": 12.5361, "pb": 3.1347, "dv_ttm": 2.2731, "total_mv": 1226746.8752, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [85.8, 89.6, 94.3, 95.1, 94.2, 94.2], "rev_series": [13.7, 21.4, 25.5, 31.3, 28.1, 29.8], "np_series": [4.2, 2.1, 3.7, 8.0, 10.5, 9.4], "roe_series": [16.7, 8.0, 13.1, 25.2, 29.0, 24.3], "period": "20260630", "rev_ttm": 28.9, "np_ttm": 9.8, "ocf_ttm": 8.8, "fcf_ttm": 8.7, "fcf_yield": 7.1, "ocf_yield": 7.2, "gm_median": 94.2, "gm_std": 2.0, "gm_stab": 0.98, "gm_chg_2022": 8.5, "npm_median": 25.9, "roe_median": 24.3, "commodity": false, "hard_ratio": 9.8, "fix_assets": 6.3, "goodwill_ratio": 1.3, "pb_calc": 3.13, "capex_dep": 0.22, "interest_debt": 11.3, "debt_ebitda": 1.0, "debt_ratio": 34.4, "debt_mv": 9.2, "payout": 60.0, "div_years": 5, "rev_cagr3": 5.3, "np_cagr3": 36.4, "rev_yoy": -5.8, "np_yoy": 7.2, "np_vol": 59.5, "loss_years": 0, "far_share": 60.0, "earn_yield": 8.0, "consensus_n": 2, "fwd_pe": 12.2, "fwd_pe2": 11.8, "fwd_g1": 3.0, "fwd_g2": 3.0, "peg": 4.07, "consensus_disp": null, "mainbz": [["药品销售", 99.0], ["其他业务", 1.0]], "ret_prev_year": 21.9, "ret_prev2_year": 2.8, "ret_ytd": -8.7, "ret_pivot": 30.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": 7.8, "ret_120": -11.4, "ret_250": -14.4, "mdd_250": -36.4, "vol_250": 36.5, "pos_52w": 68.5}, "S": {"duration": 27, "pricing": 93, "hard": 16, "bondness": 52}, "label": "定价权·品牌", "tags": ["轻资产现金牛"], "text": {"像什么": ["没有硬资产(固定资产占比 10%)但有定价权:毛利率近 5 年中位 94.2%,稳定度 98%、ROE 近 5 年中位 24.3%。", "自由现金流/市值 7.1%,分红率 60%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 94.2%),硬资产占比 10%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.1%(经营现金流/市值 7.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 94.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 8.5 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 10%,资本开支/折旧 0.22 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.5 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -14%,最大回撤 -36%,年化波动 36%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -4% / 8% / -11%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "西藏药业:PE 比行业中位低 19.6倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 18.5个百分点;固定资产占比 比行业中位低 12.3个百分点。"]}}