{"F": {"ts_code": "600329.SH", "name": "达仁堂", "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": "20010606", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.96, "pe_ttm": 32.6507, "pb": 4.6614, "dv_ttm": 13.3204, "total_mv": 2769259.4624, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.0, 39.9, 39.9, 44.0, 48.2, 74.0], "rev_series": [66.0, 69.1, 82.5, 82.2, 73.1, 49.2], "np_series": [6.6, 7.7, 8.6, 9.9, 22.3, 21.3], "roe_series": [11.8, 12.6, 13.4, 15.0, 30.9, 28.5], "period": "20260630", "rev_ttm": 47.2, "np_ttm": 8.5, "ocf_ttm": 8.1, "fcf_ttm": 6.9, "fcf_yield": 2.5, "ocf_yield": 2.9, "gm_median": 44.0, "gm_std": 12.8, "gm_stab": 0.71, "gm_chg_2022": 0.9, "npm_median": 11.8, "roe_median": 15.0, "commodity": false, "hard_ratio": 10.5, "fix_assets": 11.1, "goodwill_ratio": 0.0, "pb_calc": 4.66, "capex_dep": 1.25, "interest_debt": 0.9, "debt_ebitda": 0.1, "debt_ratio": 43.6, "debt_mv": 0.3, "payout": 100.0, "div_years": 5, "rev_cagr3": -15.8, "np_cagr3": 35.2, "rev_yoy": -7.4, "np_yoy": -66.6, "np_vol": 47.1, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 4, "fwd_pe": 25.5, "fwd_pe2": 21.7, "fwd_g1": 28.0, "fwd_g2": 17.0, "peg": 1.5, "consensus_disp": null, "mainbz": [["中成药", 90.0], ["中药材、饮片", 5.0], ["其他主营业务", 2.0], ["其他", 2.0]], "ret_prev_year": 65.1, "ret_prev2_year": -6.0, "ret_ytd": -11.9, "ret_pivot": 70.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.3, "ret_60": 2.2, "ret_120": -8.4, "ret_250": -12.2, "mdd_250": -26.7, "vol_250": 31.9, "pos_52w": 79.5}, "S": {"duration": 56, "pricing": 55, "hard": 17, "bondness": 85}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 100%、股息率 13.3%、营收 3 年复合 -15.8%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 44.0%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "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 2.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.0%,稳定度 71%,2020→2022 成本通胀期毛利率变化 0.9 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 1.25 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.7 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 -12%,最大回撤 -27%,年化波动 32%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -3% / 2% / -8%。", "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%。", "达仁堂:PE 比行业中位高 9.6倍;股息率 比行业中位高 10.5个百分点;毛利率 比行业中位低 13.5个百分点;固定资产占比 比行业中位低 12.9个百分点。"]}}