{"F": {"ts_code": "600420.SH", "name": "国药现代", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20040616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.49, "pe_ttm": 20.8882, "pb": 0.8259, "dv_ttm": 3.5336, "total_mv": 1138655.6223, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.1, 43.7, 38.1, 38.3, 39.2, 32.4], "rev_series": [125.6, 139.4, 129.6, 120.7, 109.4, 93.6], "np_series": [6.5, 5.7, 6.3, 6.9, 10.8, 9.4], "roe_series": [8.3, 6.8, 6.6, 6.1, 8.5, 7.0], "period": "20260630", "rev_ttm": 84.3, "np_ttm": 5.5, "ocf_ttm": 10.8, "fcf_ttm": 8.5, "fcf_yield": 7.4, "ocf_yield": 9.5, "gm_median": 38.3, "gm_std": 3.6, "gm_stab": 0.91, "gm_chg_2022": -9.0, "npm_median": 8.0, "roe_median": 6.8, "commodity": false, "hard_ratio": 26.5, "fix_assets": 51.4, "goodwill_ratio": 0.8, "pb_calc": 0.83, "capex_dep": 0.35, "interest_debt": 0.4, "debt_ebitda": 0.0, "debt_ratio": 17.8, "debt_mv": 0.3, "payout": 37.1, "div_years": 5, "rev_cagr3": -10.3, "np_cagr3": 14.5, "rev_yoy": -19.2, "np_yoy": -59.0, "np_vol": 25.3, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "consensus_n": 1, "fwd_pe": 13.5, "fwd_pe2": 12.3, "fwd_g1": 55.0, "fwd_g2": 10.0, "peg": 1.35, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": -13.5, "ret_prev2_year": 25.9, "ret_ytd": -14.2, "ret_pivot": -12.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.4, "ret_60": -0.6, "ret_120": -21.1, "ret_250": -23.9, "mdd_250": -31.1, "vol_250": 22.6, "pos_52w": 75.2}, "S": {"duration": 41, "pricing": 55, "hard": 42, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.9 倍、股息率 3.5%、毛利率近 5 年中位 38.3%、固定资产占比 26%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 38.3%),硬资产占比 26%。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": "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 7.4%(经营现金流/市值 9.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.3%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -9.0 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 26%,资本开支/折旧 0.35 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.9 倍 粗算,约 76%(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 -24%,最大回撤 -31%,年化波动 23%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -2% / -1% / -21%。", "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%。", "国药现代:PE 比行业中位低 16.6倍;股息率 比行业中位高 2.3个百分点;毛利率 比行业中位低 14.2个百分点;固定资产占比 比行业中位低 3.3个百分点。"]}}