{"F": {"ts_code": "600771.SH", "name": "广誉远", "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": "19961105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.73, "pe_ttm": 94.8668, "pb": 4.0308, "dv_ttm": null, "total_mv": 672071.2803, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [71.9, 64.2, 67.5, 72.9, 73.6, 67.6], "rev_series": [11.1, 8.5, 11.3, 12.8, 12.2, 13.7], "np_series": [0.3, -3.2, -2.5, 0.9, 0.7, 0.6], "roe_series": [0.7, -3.4, -16.2, 6.2, 4.9, 3.9], "period": "20260630", "rev_ttm": 14.1, "np_ttm": 0.7, "ocf_ttm": 2.3, "fcf_ttm": 2.3, "fcf_yield": 3.4, "ocf_yield": 3.5, "gm_median": 67.6, "gm_std": 3.6, "gm_stab": 0.95, "gm_chg_2022": -4.3, "npm_median": 4.7, "roe_median": 3.9, "commodity": false, "hard_ratio": 22.5, "fix_assets": 5.7, "goodwill_ratio": 0.0, "pb_calc": 4.03, "capex_dep": 0.17, "interest_debt": 0.6, "debt_ebitda": 0.3, "debt_ratio": 33.4, "debt_mv": 0.9, "payout": null, "div_years": 0, "rev_cagr3": 6.6, "np_cagr3": null, "rev_yoy": 5.8, "np_yoy": 10.1, "np_vol": 260.4, "loss_years": 2, "far_share": 95.0, "earn_yield": 1.1, "consensus_n": 1, "fwd_pe": 57.2, "fwd_pe2": 42.9, "fwd_g1": 66.0, "fwd_g2": 33.0, "peg": 1.73, "consensus_disp": null, "mainbz": [["产品", 50.0], ["传统中药", 32.0], ["精品中药", 11.0], ["养生酒", 4.0]], "ret_prev_year": -4.7, "ret_prev2_year": -30.1, "ret_ytd": -23.6, "ret_pivot": -17.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.9, "ret_60": -0.2, "ret_120": -19.2, "ret_250": -36.1, "mdd_250": -40.1, "vol_250": 26.0, "pos_52w": 64.7}, "S": {"duration": 91, "pricing": 71, "hard": 36, "bondness": 14}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.7 亿,近 5 年亏损 2 年;PE 95 倍(盈利极薄),估值指标失真。", "资产负债率 33%,有息负债 1 亿,经营现金流/市值 3.5%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 67.6%),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": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "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 3.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.6%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -4.3 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 22%,资本开支/折旧 0.17 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 94.9 倍 粗算,约 95%(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 -36%,最大回撤 -40%,年化波动 26%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -4% / -0% / -19%。", "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%。", "广誉远:PE 比行业中位高 71.8倍;股息率 ;毛利率 比行业中位高 10.1个百分点;固定资产占比 比行业中位低 0.9个百分点。"]}}