{"F": {"ts_code": "600750.SH", "name": "华润江中", "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": "19960923", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.44, "pe_ttm": 17.0119, "pb": 3.7632, "dv_ttm": 5.8855, "total_mv": 1489818.9752, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.4, 64.3, 64.8, 65.3, 63.5, 65.4], "rev_series": [24.4, 28.7, 38.1, 43.9, 44.4, 42.2], "np_series": [4.7, 5.1, 6.0, 7.1, 7.9, 9.1], "roe_series": [12.7, 12.8, 15.1, 18.3, 20.5, 23.0], "period": "20260630", "rev_ttm": 40.1, "np_ttm": 8.8, "ocf_ttm": 10.2, "fcf_ttm": 7.4, "fcf_yield": 5.0, "ocf_yield": 6.8, "gm_median": 64.8, "gm_std": 0.7, "gm_stab": 0.99, "gm_chg_2022": -0.5, "npm_median": 18.5, "roe_median": 18.3, "commodity": false, "hard_ratio": 28.7, "fix_assets": 19.3, "goodwill_ratio": 0.8, "pb_calc": 3.76, "capex_dep": 2.11, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 30.4, "debt_mv": 0.0, "payout": 96.5, "div_years": 5, "rev_cagr3": 3.4, "np_cagr3": 15.0, "rev_yoy": -9.8, "np_yoy": -5.9, "np_vol": 4.6, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "consensus_n": 11, "fwd_pe": 15.3, "fwd_pe2": 13.9, "fwd_g1": 11.0, "fwd_g2": 11.0, "peg": 1.39, "consensus_disp": null, "mainbz": [["非处方药类", 66.0], ["处方药类", 13.0], ["健康消费品及其他", 11.0], ["保健品及其他", 11.0]], "ret_prev_year": 8.1, "ret_prev2_year": 17.2, "ret_ytd": 5.2, "ret_pivot": 39.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.4, "ret_60": -2.8, "ret_120": -4.0, "ret_250": 11.9, "mdd_250": -19.3, "vol_250": 28.2, "pos_52w": 87.4}, "S": {"duration": 35, "pricing": 74, "hard": 46, "bondness": 80}, "label": "定价权·品牌", "tags": ["现金流红利", "资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 29%)但有定价权:毛利率近 5 年中位 64.8%,稳定度 99%、ROE 近 5 年中位 18.3%。", "自由现金流/市值 5.0%,分红率 96%,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 64.8%),硬资产占比 29%。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 5.0%(经营现金流/市值 6.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.8%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.5 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 29%,资本开支/折旧 2.11 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.0 倍 粗算,约 71%(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 -19%,年化波动 28%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 -5% / -3% / -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%。", "华润江中:PE 比行业中位低 6.1倍;股息率 比行业中位高 3.1个百分点;毛利率 比行业中位高 7.3个百分点;固定资产占比 比行业中位高 5.3个百分点。"]}}