{"F": {"ts_code": "600351.SH", "name": "亚宝药业", "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": "20020926", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.66, "pe_ttm": 14.2591, "pb": 1.6337, "dv_ttm": 8.2583, "total_mv": 460872.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.3, 61.0, 55.9, 57.9, 51.7, 52.5], "rev_series": [26.0, 27.6, 27.2, 29.1, 26.9, 22.4], "np_series": [1.1, 1.9, 1.0, 2.0, 2.4, 3.2], "roe_series": [3.9, 6.6, 3.5, 6.7, 8.3, 11.1], "period": "20260630", "rev_ttm": 22.5, "np_ttm": 3.2, "ocf_ttm": 6.0, "fcf_ttm": 5.7, "fcf_yield": 12.3, "ocf_yield": 13.0, "gm_median": 55.9, "gm_std": 3.4, "gm_stab": 0.94, "gm_chg_2022": -3.4, "npm_median": 6.6, "roe_median": 6.7, "commodity": false, "hard_ratio": 30.9, "fix_assets": 10.0, "goodwill_ratio": 0.8, "pb_calc": 1.63, "capex_dep": 0.29, "interest_debt": 0.4, "debt_ebitda": 0.1, "debt_ratio": 15.0, "debt_mv": 0.8, "payout": 76.5, "div_years": 5, "rev_cagr3": -6.2, "np_cagr3": 45.1, "rev_yoy": 0.5, "np_yoy": 1.8, "np_vol": 47.1, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["医药生产", 85.0], ["医药批发", 13.0], ["其他业务", 2.0], ["其他贸易", 1.0]], "ret_prev_year": 13.4, "ret_prev2_year": -11.2, "ret_ytd": 12.1, "ret_pivot": 49.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.6, "ret_60": 13.8, "ret_120": 5.5, "ret_250": -1.5, "mdd_250": -18.3, "vol_250": 27.9, "pos_52w": 94.2}, "S": {"duration": 30, "pricing": 66, "hard": 49, "bondness": 77}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 76%、股息率 8.3%、营收 3 年复合 -6.2%、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": "硬资产占比 31%、毛利率 55.9% 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": "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 12.3%(经营现金流/市值 13.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -3.4 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 31%,资本开支/折旧 0.29 倍。涨。"], ["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 -2%,最大回撤 -18%,年化波动 28%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 1% / 14% / 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%。", "亚宝药业:PE 比行业中位低 8.8倍;股息率 比行业中位高 5.5个百分点;毛利率 比行业中位低 1.6个百分点;固定资产占比 比行业中位高 7.5个百分点。"]}}