{"F": {"ts_code": "600216.SH", "name": "浙江医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "19991021", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.68, "pe_ttm": 15.1268, "pb": 1.0457, "dv_ttm": 2.2002, "total_mv": 1219356.7304, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.5, 40.9, 34.5, 32.4, 42.3, 34.7], "rev_series": [73.3, 91.3, 81.2, 77.9, 93.8, 88.8], "np_series": [7.2, 10.5, 5.4, 4.3, 11.6, 8.7], "roe_series": [9.2, 12.7, 6.0, 4.5, 11.4, 8.1], "period": "20260630", "rev_ttm": 89.4, "np_ttm": 8.1, "ocf_ttm": 15.4, "fcf_ttm": 10.3, "fcf_yield": 8.4, "ocf_yield": 12.6, "gm_median": 34.7, "gm_std": 3.9, "gm_stab": 0.89, "gm_chg_2022": -7.1, "npm_median": 8.6, "roe_median": 8.1, "commodity": false, "hard_ratio": 38.5, "fix_assets": 57.2, "goodwill_ratio": 0.0, "pb_calc": 1.05, "capex_dep": 0.73, "interest_debt": 9.1, "debt_ebitda": 0.5, "debt_ratio": 18.5, "debt_mv": 7.5, "payout": 30.8, "div_years": 5, "rev_cagr3": 3.0, "np_cagr3": 17.4, "rev_yoy": 1.5, "np_yoy": -10.0, "np_vol": 79.3, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 3, "fwd_pe": 11.0, "fwd_pe2": 10.0, "fwd_g1": 37.0, "fwd_g2": 10.0, "peg": 1.1, "consensus_disp": null, "mainbz": [["产品", 40.0], ["维生素及类维生素系列", 19.0], ["社会配送及商业", 11.0], ["医药商业流通", 11.0]], "ret_prev_year": -10.7, "ret_prev2_year": 53.2, "ret_ytd": -6.6, "ret_pivot": -8.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": 10.6, "ret_120": -27.5, "ret_250": -21.1, "mdd_250": -39.2, "vol_250": 34.1, "pos_52w": 70.1}, "S": {"duration": 31, "pricing": 52, "hard": 62, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.1 倍、股息率 2.2%、毛利率近 5 年中位 34.7%、固定资产占比 38%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 38%、毛利率 34.7% 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 8.4%(经营现金流/市值 12.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.7%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -7.1 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 38%,资本开支/折旧 0.73 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -21%,最大回撤 -39%,年化波动 34%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 3% / 11% / -28%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "浙江医药:PE 比行业中位低 22.4倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 17.8个百分点;固定资产占比 比行业中位高 8.7个百分点。"]}}