{"F": {"ts_code": "600436.SH", "name": "片仔癀", "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": "20030616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 123.75, "pe_ttm": 41.2649, "pb": 5.1098, "dv_ttm": 2.4, "total_mv": 7466050.35, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.2, 50.7, 45.6, 46.8, 42.7, 36.4], "rev_series": [65.1, 80.2, 86.9, 100.6, 107.9, 90.0], "np_series": [16.7, 24.3, 24.7, 28.0, 29.8, 21.6], "roe_series": [23.1, 27.7, 23.5, 22.6, 21.5, 15.0], "period": "20260630", "rev_ttm": 82.0, "np_ttm": 18.1, "ocf_ttm": 13.3, "fcf_ttm": 7.6, "fcf_yield": 1.0, "ocf_yield": 1.8, "gm_median": 45.6, "gm_std": 4.8, "gm_stab": 0.9, "gm_chg_2022": 0.5, "npm_median": 28.3, "roe_median": 22.6, "commodity": false, "hard_ratio": 10.5, "fix_assets": 19.5, "goodwill_ratio": 0.0, "pb_calc": 5.11, "capex_dep": 10.72, "interest_debt": 10.3, "debt_ebitda": 0.5, "debt_ratio": 18.2, "debt_mv": 1.4, "payout": 83.0, "div_years": 5, "rev_cagr3": 1.2, "np_cagr3": -4.4, "rev_yoy": -15.0, "np_yoy": -24.2, "np_vol": 23.4, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 7, "fwd_pe": 34.7, "fwd_pe2": 29.8, "fwd_g1": 19.0, "fwd_g2": 17.0, "peg": 2.04, "consensus_disp": null, "mainbz": [["产品", 23.0], ["医药行业", 20.0], ["医药行业：医药制造业", 12.0], ["肝病用药", 12.0]], "ret_prev_year": -20.3, "ret_prev2_year": -10.3, "ret_ytd": -26.0, "ret_pivot": -35.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.7, "ret_60": 6.0, "ret_120": -20.1, "ret_250": -41.4, "mdd_250": -48.7, "vol_250": 29.1, "pos_52w": 59.6}, "S": {"duration": 64, "pricing": 62, "hard": 17, "bondness": 64}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 41.3 倍、股息率 2.4%、毛利率近 5 年中位 45.6%、固定资产占比 10%、有息负债/EBITDA 0.5 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 45.6%),硬资产占比 10%。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 1.0%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.6%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.5 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 10.72 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.3 倍 粗算,约 88%(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 -41%,最大回撤 -49%,年化波动 29%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -10% / 6% / -20%。", "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%。", "片仔癀:PE 比行业中位高 18.2倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 11.9个百分点;固定资产占比 比行业中位低 12.9个百分点。"]}}