{"F": {"ts_code": "600285.SH", "name": "羚锐制药", "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": "20001018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.61, "pe_ttm": 14.2541, "pb": 3.4413, "dv_ttm": 5.6094, "total_mv": 1112113.4955, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [76.9, 74.3, 72.3, 73.3, 75.8, 80.0], "rev_series": [23.3, 26.9, 30.0, 33.1, 35.0, 38.5], "np_series": [3.3, 3.6, 4.7, 5.7, 7.2, 7.6], "roe_series": [14.4, 15.7, 19.3, 21.3, 24.6, 23.5], "period": "20260630", "rev_ttm": 39.0, "np_ttm": 7.8, "ocf_ttm": 9.2, "fcf_ttm": 8.7, "fcf_yield": 7.8, "ocf_yield": 8.3, "gm_median": 74.3, "gm_std": 2.7, "gm_stab": 0.96, "gm_chg_2022": -4.6, "npm_median": 17.2, "roe_median": 21.3, "commodity": false, "hard_ratio": 12.2, "fix_assets": 7.0, "goodwill_ratio": 8.4, "pb_calc": 3.44, "capex_dep": 0.76, "interest_debt": 3.7, "debt_ebitda": 0.4, "debt_ratio": 43.2, "debt_mv": 3.3, "payout": 79.1, "div_years": 5, "rev_cagr3": 8.7, "np_cagr3": 17.7, "rev_yoy": 2.3, "np_yoy": 4.4, "np_vol": 9.2, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.0, "consensus_n": 12, "fwd_pe": 13.2, "fwd_pe2": 11.7, "fwd_g1": 8.0, "fwd_g2": 12.0, "peg": 1.1, "consensus_disp": null, "mainbz": [["主营业务", 33.0], ["医药保健分部", 33.0], ["医药保健", 33.0], ["其他主营业务", 0.0]], "ret_prev_year": -2.7, "ret_prev2_year": 40.9, "ret_ytd": 0.0, "ret_pivot": 16.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.8, "ret_60": -5.0, "ret_120": -6.4, "ret_250": -13.2, "mdd_250": -17.0, "vol_250": 23.4, "pos_52w": 83.5}, "S": {"duration": 30, "pricing": 75, "hard": 20, "bondness": 70}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 12%)但有定价权:毛利率近 5 年中位 74.3%,稳定度 96%、ROE 近 5 年中位 21.3%。", "自由现金流/市值 7.8%,分红率 79%,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 74.3%),硬资产占比 12%。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 7.8%(经营现金流/市值 8.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 74.3%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -4.6 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 12%,资本开支/折旧 0.76 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.3 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -17%,年化波动 23%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -12% / -5% / -6%。", "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%。", "羚锐制药:PE 比行业中位低 8.8倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位高 16.8个百分点;固定资产占比 比行业中位低 11.2个百分点。"]}}