{"F": {"ts_code": "600829.SH", "name": "人民同泰", "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": "19940224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.08, "pe_ttm": 41.0881, "pb": 1.888, "dv_ttm": null, "total_mv": 584527.7088, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.5, 10.7, 9.5, 9.6, 8.6, 8.2], "rev_series": [80.1, 93.2, 96.4, 103.9, 100.5, 103.8], "np_series": [1.5, 2.8, 2.6, 2.9, 2.1, 1.3], "roe_series": [7.6, 13.2, 11.3, 11.2, 7.6, 4.5], "period": "20260630", "rev_ttm": 106.4, "np_ttm": 1.4, "ocf_ttm": 0.1, "fcf_ttm": -0.2, "fcf_yield": -0.3, "ocf_yield": 0.2, "gm_median": 9.5, "gm_std": 0.9, "gm_stab": 0.91, "gm_chg_2022": -1.9, "npm_median": 2.7, "roe_median": 11.2, "commodity": false, "hard_ratio": 3.4, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 1.89, "capex_dep": 1.69, "interest_debt": 7.7, "debt_ebitda": 2.5, "debt_ratio": 56.6, "debt_mv": 13.2, "payout": 28.6, "div_years": 1, "rev_cagr3": 2.5, "np_cagr3": -20.2, "rev_yoy": 5.0, "np_yoy": 11.6, "np_vol": 45.4, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["医药商业", 33.0], ["医药商业：批发-医疗客户", 19.0], ["医药商业：批发-商业客户", 8.0]], "ret_prev_year": 44.1, "ret_prev2_year": -2.3, "ret_ytd": -6.8, "ret_pivot": 93.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.3, "ret_60": 21.7, "ret_120": -0.6, "ret_250": 21.0, "mdd_250": -56.2, "vol_250": 61.7, "pos_52w": 56.9}, "S": {"duration": 64, "pricing": 43, "hard": 5, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.1 倍、股息率 —、毛利率近 5 年中位 9.5%、固定资产占比 3%、有息负债/EBITDA 2.5 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 3%,毛利率近 5 年中位 9.5%。", "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 -0.3%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -1.9 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 3%,资本开支/折旧 1.69 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.1 倍 粗算,约 88%(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 21%,最大回撤 -56%,年化波动 62%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -2% / 22% / -1%。", "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%。", "人民同泰:PE 比行业中位高 18.6倍;股息率 ;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}