{"F": {"ts_code": "600511.SH", "name": "国药股份", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "医药流通", "ind": "医药商业", "fin_source": "tushare", "market": "主板", "list_date": "20021127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.05, "pe_ttm": 10.5868, "pb": 1.085, "dv_ttm": 2.9575, "total_mv": 2040930.615, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.8, 7.8, 8.4, 8.0, 7.1, 6.6], "rev_series": [403.8, 464.7, 455.0, 497.0, 506.0, 524.7], "np_series": [13.8, 17.5, 19.6, 21.5, 20.0, 20.0], "roe_series": [12.6, 14.5, 14.6, 14.3, 12.2, 11.2], "period": "20260630", "rev_ttm": 535.6, "np_ttm": 19.3, "ocf_ttm": 8.8, "fcf_ttm": 8.0, "fcf_yield": 3.9, "ocf_yield": 4.3, "gm_median": 7.8, "gm_std": 0.7, "gm_stab": 0.92, "gm_chg_2022": 0.6, "npm_median": 4.2, "roe_median": 14.3, "commodity": false, "hard_ratio": 1.3, "fix_assets": 4.9, "goodwill_ratio": 0.6, "pb_calc": 1.09, "capex_dep": 1.08, "interest_debt": 6.0, "debt_ebitda": 0.3, "debt_ratio": 42.9, "debt_mv": 2.9, "payout": 30.2, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": 0.5, "rev_yoy": 4.3, "np_yoy": -7.3, "np_vol": 11.5, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.4, "consensus_n": 3, "fwd_pe": 9.9, "fwd_pe2": 9.3, "fwd_g1": 7.0, "fwd_g2": 6.0, "peg": 1.65, "consensus_disp": null, "mainbz": [["商品销售", 49.0], ["商业分部", 49.0], ["其他分部", 1.0], ["产品销售", 0.0]], "ret_prev_year": -14.3, "ret_prev2_year": 24.7, "ret_ytd": -3.2, "ret_pivot": 1.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.7, "ret_60": 1.2, "ret_120": -8.8, "ret_250": -8.7, "mdd_250": -14.2, "vol_250": 15.3, "pos_52w": 90.3}, "S": {"duration": 23, "pricing": 44, "hard": 2, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 10.6 倍、股息率 3.0%、毛利率近 5 年中位 7.8%、固定资产占比 1%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 1%,毛利率近 5 年中位 7.8%。", "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 3.9%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 0.6 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 1%,资本开支/折旧 1.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.6 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -9%,最大回撤 -14%,年化波动 15%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 -2% / 1% / -9%。", "行业对照": ["同申万二级「医药商业」32 家中位:PE 22.5 / 股息率 2.8% / 毛利率 13.4% / 固定资产占比 7% / 分红率 38%。", "国药股份:PE 比行业中位低 11.9倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 5.6个百分点;固定资产占比 比行业中位低 5.9个百分点。"]}}