{"F": {"ts_code": "600572.SH", "name": "康恩贝", "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": "20040412", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.39, "pe_ttm": 22.3542, "pb": 1.5772, "dv_ttm": 3.4168, "total_mv": 1114415.5919, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.4, 64.4, 59.3, 58.5, 53.1, 53.3], "rev_series": [59.1, 61.5, 60.0, 67.3, 65.2, 64.7], "np_series": [4.5, 20.1, 3.6, 5.9, 6.2, 4.7], "roe_series": [9.4, 33.2, 5.1, 8.5, 9.0, 6.8], "period": "20260630", "rev_ttm": 68.2, "np_ttm": 5.0, "ocf_ttm": 10.8, "fcf_ttm": 9.7, "fcf_yield": 8.7, "ocf_yield": 9.7, "gm_median": 58.5, "gm_std": 4.2, "gm_stab": 0.93, "gm_chg_2022": -6.1, "npm_median": 10.0, "roe_median": 8.5, "commodity": false, "hard_ratio": 26.9, "fix_assets": 27.3, "goodwill_ratio": 1.8, "pb_calc": 1.58, "capex_dep": 0.37, "interest_debt": 1.1, "debt_ebitda": 0.1, "debt_ratio": 29.4, "debt_mv": 1.0, "payout": 78.9, "div_years": 5, "rev_cagr3": 2.6, "np_cagr3": 9.8, "rev_yoy": 10.2, "np_yoy": 6.8, "np_vol": 148.7, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.5, "consensus_n": 2, "fwd_pe": 18.3, "fwd_pe2": 15.1, "fwd_g1": 22.0, "fwd_g2": 21.0, "peg": 0.87, "consensus_disp": null, "mainbz": [["产品", 46.0], ["自我健康管理", 17.0], ["处方药", 14.0], ["中药饮片", 7.0]], "ret_prev_year": -1.1, "ret_prev2_year": -4.2, "ret_ytd": 1.9, "ret_pivot": 17.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": 12.0, "ret_120": 2.3, "ret_250": -2.9, "mdd_250": -19.0, "vol_250": 26.2, "pos_52w": 91.5}, "S": {"duration": 43, "pricing": 66, "hard": 43, "bondness": 66}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 79%、股息率 3.4%、营收 3 年复合 2.6%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 58.5%),硬资产占比 27%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.7%(经营现金流/市值 9.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.5%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.1 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 27%,资本开支/折旧 0.37 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.4 倍 粗算,约 78%(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 -3%,最大回撤 -19%,年化波动 26%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 1% / 12% / 2%。", "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%。", "康恩贝:PE 比行业中位低 0.7倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位高 3.5个百分点。"]}}