{"F": {"ts_code": "600529.SH", "name": "山东药玻", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "医疗耗材", "ind": "医疗器械", "fin_source": "tushare", "market": "主板", "list_date": "20020603", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.1, "pe_ttm": 18.3869, "pb": 1.4832, "dv_ttm": 2.4084, "total_mv": 1267502.931, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.6, 29.6, 26.8, 29.3, 33.1, 33.3], "rev_series": [34.3, 38.8, 41.9, 47.7, 51.3, 44.7], "np_series": [5.6, 5.9, 6.2, 7.8, 9.4, 6.9], "roe_series": [13.9, 13.2, 10.6, 10.7, 12.1, 8.5], "period": "20260630", "rev_ttm": 45.0, "np_ttm": 6.9, "ocf_ttm": 6.8, "fcf_ttm": 4.2, "fcf_yield": 3.3, "ocf_yield": 5.4, "gm_median": 29.6, "gm_std": 2.5, "gm_stab": 0.92, "gm_chg_2022": -6.7, "npm_median": 15.4, "roe_median": 10.7, "commodity": false, "hard_ratio": 34.9, "fix_assets": 35.4, "goodwill_ratio": 0.0, "pb_calc": 1.48, "capex_dep": 0.68, "interest_debt": 0.4, "debt_ebitda": 0.0, "debt_ratio": 15.6, "debt_mv": 0.3, "payout": 43.7, "div_years": 5, "rev_cagr3": 2.2, "np_cagr3": 3.7, "rev_yoy": 1.3, "np_yoy": -0.1, "np_vol": 18.5, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 10, "fwd_pe": 15.9, "fwd_pe2": 14.3, "fwd_g1": 16.0, "fwd_g2": 11.0, "peg": 1.45, "consensus_disp": null, "mainbz": [["产品", 33.0], ["模制瓶系列", 15.0], ["模制瓶", 15.0], ["棕色瓶系列", 8.0]], "ret_prev_year": -21.0, "ret_prev2_year": 3.6, "ret_ytd": -3.3, "ret_pivot": -20.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.1, "ret_60": 5.8, "ret_120": -1.6, "ret_250": -17.4, "mdd_250": -23.0, "vol_250": 20.1, "pos_52w": 84.8}, "S": {"duration": 37, "pricing": 51, "hard": 56, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.4 倍、股息率 2.4%、毛利率近 5 年中位 29.6%、固定资产占比 35%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 35%),没有定价权:毛利率近 5 年中位 29.6%,稳定度 92%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 3.3%(经营现金流/市值 5.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -6.7 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 35%,资本开支/折旧 0.68 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.4 倍 粗算,约 73%(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 -17%,最大回撤 -23%,年化波动 20%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -1% / 6% / -2%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "山东药玻:PE 比行业中位低 20.2倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位低 25.8个百分点;固定资产占比 比行业中位高 13.0个百分点。"]}}