{"F": {"ts_code": "600332.SH", "name": "白云山", "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": "20010206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.24, "pe_ttm": 12.8394, "pb": 0.8409, "dv_ttm": 4.1996, "total_mv": 3290600.7816, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.9, 19.2, 18.8, 18.8, 16.7, 16.2], "rev_series": [616.7, 690.1, 707.9, 755.2, 749.9, 776.6], "np_series": [29.2, 37.2, 39.7, 40.6, 28.4, 29.8], "roe_series": [11.6, 13.5, 13.0, 12.1, 8.0, 8.1], "period": "20260630", "rev_ttm": 779.1, "np_ttm": 25.6, "ocf_ttm": 28.9, "fcf_ttm": 16.3, "fcf_yield": 5.0, "ocf_yield": 8.8, "gm_median": 18.8, "gm_std": 1.2, "gm_stab": 0.94, "gm_chg_2022": 1.8, "npm_median": 5.6, "roe_median": 12.1, "commodity": false, "hard_ratio": 9.1, "fix_assets": 79.8, "goodwill_ratio": 1.0, "pb_calc": 0.84, "capex_dep": 2.01, "interest_debt": 198.4, "debt_ebitda": 5.0, "debt_ratio": 52.8, "debt_mv": 60.3, "payout": 45.9, "div_years": 5, "rev_cagr3": 3.1, "np_cagr3": -9.1, "rev_yoy": 0.6, "np_yoy": -16.7, "np_vol": 18.5, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.8, "consensus_n": 3, "fwd_pe": 10.6, "fwd_pe2": 10.1, "fwd_g1": 21.0, "fwd_g2": 6.0, "peg": 1.77, "consensus_disp": null, "mainbz": [["大商业", 36.0], ["医药商业", 36.0], ["天然饮品", 7.0], ["大健康", 7.0]], "ret_prev_year": -6.9, "ret_prev2_year": 3.7, "ret_ytd": -20.0, "ret_pivot": -13.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.9, "ret_60": -3.3, "ret_120": -19.1, "ret_250": -24.3, "mdd_250": -26.6, "vol_250": 17.3, "pos_52w": 75.2}, "S": {"duration": 27, "pricing": 51, "hard": 15, "bondness": 73}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 46%、股息率 4.2%、营收 3 年复合 3.1%、有息负债/EBITDA 5.0 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 9%,毛利率近 5 年中位 18.8%。", "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 5.0%(经营现金流/市值 8.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 1.8 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 2.01 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.8 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -24%,最大回撤 -27%,年化波动 17%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -6% / -3% / -19%。", "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%。", "白云山:PE 比行业中位低 10.3倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 38.7个百分点;固定资产占比 比行业中位低 14.3个百分点。"]}}