{"F": {"ts_code": "600535.SH", "name": "天士力", "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": "20020823", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.73, "pe_ttm": 17.9941, "pb": 1.6829, "dv_ttm": 2.1045, "total_mv": 2200588.35, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.7, 66.3, 64.0, 66.8, 67.1, 66.9], "rev_series": [135.8, 79.5, 85.9, 86.7, 85.0, 82.4], "np_series": [11.3, 23.6, -2.6, 10.7, 9.6, 11.0], "roe_series": [9.7, 18.9, -2.0, 8.6, 7.9, 9.1], "period": "20260630", "rev_ttm": 81.5, "np_ttm": 12.2, "ocf_ttm": 18.1, "fcf_ttm": 15.4, "fcf_yield": 7.0, "ocf_yield": 8.2, "gm_median": 66.8, "gm_std": 1.1, "gm_stab": 0.98, "gm_chg_2022": 23.4, "npm_median": 11.7, "roe_median": 8.6, "commodity": false, "hard_ratio": 21.8, "fix_assets": 33.4, "goodwill_ratio": 0.0, "pb_calc": 1.68, "capex_dep": 0.67, "interest_debt": 5.5, "debt_ebitda": 0.3, "debt_ratio": 13.7, "debt_mv": 2.5, "payout": 45.8, "div_years": 5, "rev_cagr3": -1.4, "np_cagr3": null, "rev_yoy": -2.0, "np_yoy": 15.2, "np_vol": 213.7, "loss_years": 1, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 15, "fwd_pe": 17.3, "fwd_pe2": 15.2, "fwd_g1": 4.0, "fwd_g2": 13.0, "peg": 1.33, "consensus_disp": null, "mainbz": [["医药工业", 90.0], ["医药商业", 8.0], ["其他收入", 0.0], ["其他", 0.0]], "ret_prev_year": 7.3, "ret_prev2_year": -12.0, "ret_ytd": -1.6, "ret_pivot": 14.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": 3.7, "ret_120": 4.0, "ret_250": -12.2, "mdd_250": -21.8, "vol_250": 20.8, "pos_52w": 87.1}, "S": {"duration": 36, "pricing": 79, "hard": 35, "bondness": 50}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.0 倍、股息率 2.1%、毛利率近 5 年中位 66.8%、固定资产占比 22%、有息负债/EBITDA 0.3 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 66.8%),硬资产占比 22%。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 7.0%(经营现金流/市值 8.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 66.8%,稳定度 98%,2020→2022 成本通胀期毛利率变化 23.4 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 22%,资本开支/折旧 0.67 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.0 倍 粗算,约 72%(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 -12%,最大回撤 -22%,年化波动 21%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 -6% / 4% / 4%。", "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%。", "天士力:PE 比行业中位低 5.1倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 9.3个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}