{"F": {"ts_code": "600566.SH", "name": "济川药业", "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": "20010822", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.74, "pe_ttm": 12.9063, "pb": 1.7199, "dv_ttm": 6.7458, "total_mv": 2371816.4184, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [81.7, 83.3, 82.9, 81.5, 79.2, 79.0], "rev_series": [61.6, 76.3, 90.0, 96.5, 80.2, 62.2], "np_series": [12.8, 17.2, 21.7, 28.2, 25.3, 17.8], "roe_series": [18.4, 20.4, 21.2, 22.9, 18.0, 12.1], "period": "20260630", "rev_ttm": 58.0, "np_ttm": 18.4, "ocf_ttm": 10.8, "fcf_ttm": 8.0, "fcf_yield": 3.4, "ocf_yield": 4.6, "gm_median": 81.5, "gm_std": 1.8, "gm_stab": 0.98, "gm_chg_2022": 1.2, "npm_median": 28.6, "roe_median": 20.4, "commodity": false, "hard_ratio": 13.6, "fix_assets": 23.1, "goodwill_ratio": 1.0, "pb_calc": 1.72, "capex_dep": 1.02, "interest_debt": 14.6, "debt_ebitda": 0.7, "debt_ratio": 18.8, "debt_mv": 6.1, "payout": 75.7, "div_years": 5, "rev_cagr3": -11.6, "np_cagr3": -6.4, "rev_yoy": -15.3, "np_yoy": 8.3, "np_vol": 25.6, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.7, "consensus_n": 7, "fwd_pe": 13.1, "fwd_pe2": 12.1, "fwd_g1": -1.0, "fwd_g2": 8.0, "peg": 1.64, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": -2.7, "ret_prev2_year": -4.0, "ret_ytd": 4.8, "ret_pivot": 26.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": 4.5, "ret_120": 3.8, "ret_250": 3.7, "mdd_250": -18.4, "vol_250": 29.4, "pos_52w": 93.7}, "S": {"duration": 28, "pricing": 83, "hard": 22, "bondness": 79}, "label": "定价权·品牌", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 14%)但有定价权:毛利率近 5 年中位 81.5%,稳定度 98%、ROE 近 5 年中位 20.4%。", "自由现金流/市值 3.4%,分红率 76%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 81.5%),硬资产占比 14%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.4%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 81.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 1.2 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 14%,资本开支/折旧 1.02 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.9 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 4%,最大回撤 -18%,年化波动 29%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 -1% / 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%。", "济川药业:PE 比行业中位低 10.2倍;股息率 比行业中位高 3.9个百分点;毛利率 比行业中位高 24.0个百分点;固定资产占比 比行业中位低 9.8个百分点。"]}}