{"F": {"ts_code": "600713.SH", "name": "南京医药", "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": "19960701", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.26, "pe_ttm": 10.9564, "pb": 0.9493, "dv_ttm": 3.2319, "total_mv": 688094.264, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [6.4, 6.5, 6.5, 6.2, 6.3, 6.2], "rev_series": [398.2, 451.2, 502.2, 535.9, 537.0, 549.6], "np_series": [3.8, 5.1, 6.0, 5.8, 5.7, 6.2], "roe_series": [9.1, 11.4, 11.2, 9.3, 8.6, 8.9], "period": "20260630", "rev_ttm": 548.2, "np_ttm": 6.3, "ocf_ttm": -10.4, "fcf_ttm": -12.6, "fcf_yield": -18.3, "ocf_yield": -15.1, "gm_median": 6.3, "gm_std": 0.1, "gm_stab": 0.98, "gm_chg_2022": 0.1, "npm_median": 1.4, "roe_median": 9.3, "commodity": false, "hard_ratio": 4.8, "fix_assets": 17.5, "goodwill_ratio": 0.2, "pb_calc": 0.95, "capex_dep": 1.65, "interest_debt": 142.8, "debt_ebitda": 8.8, "debt_ratio": 77.1, "debt_mv": 207.6, "payout": 38.8, "div_years": 5, "rev_cagr3": 3.1, "np_cagr3": 1.6, "rev_yoy": -0.5, "np_yoy": 1.1, "np_vol": 13.7, "loss_years": 0, "far_share": 54.0, "earn_yield": 9.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 25.0], ["销售商品", 25.0], ["销售商品：批发", 24.0], ["批发", 24.0]], "ret_prev_year": 14.5, "ret_prev2_year": 6.5, "ret_ytd": -0.6, "ret_pivot": 35.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.5, "ret_60": 11.9, "ret_120": 0.0, "ret_250": 1.7, "mdd_250": -24.6, "vol_250": 28.7, "pos_52w": 84.4}, "S": {"duration": 24, "pricing": 45, "hard": 8, "bondness": 65}, "label": "中性", "tags": [], "text": {"像什么": ["PE 11.0 倍、股息率 3.2%、毛利率近 5 年中位 6.3%、固定资产占比 5%、有息负债/EBITDA 8.8 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 5%,毛利率近 5 年中位 6.3%。", "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 -18.3%(经营现金流/市值 -15.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.3%,稳定度 98%,2020→2022 成本通胀期毛利率变化 0.1 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 5%,资本开支/折旧 1.65 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.0 倍 粗算,约 54%(1 − 5/PE)。中等。"]], "价格行为": "近一年 2%,最大回撤 -25%,年化波动 29%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 2% / 12% / 0%。", "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%。", "南京医药:PE 比行业中位低 11.5倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位低 2.4个百分点。"]}}