{"F": {"ts_code": "600833.SH", "name": "第一医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医药商业", "sw3": "线下药店", "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": 10.62, "pe_ttm": 33.8973, "pb": 2.1141, "dv_ttm": 0.7345, "total_mv": 236917.6506, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.8, 17.7, 20.5, 19.1, 16.6, 16.0], "rev_series": [15.9, 14.0, 26.6, 18.2, 19.2, 21.3], "np_series": [0.7, 0.5, 1.4, 0.9, 1.6, 0.6], "roe_series": [9.3, 6.5, 16.7, 9.1, 15.3, 5.0], "period": "20260630", "rev_ttm": 21.2, "np_ttm": 0.7, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 1.7, "ocf_yield": 2.3, "gm_median": 17.7, "gm_std": 1.6, "gm_stab": 0.91, "gm_chg_2022": 2.7, "npm_median": 4.9, "roe_median": 9.1, "commodity": false, "hard_ratio": 4.6, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 2.11, "capex_dep": 2.72, "interest_debt": 1.4, "debt_ebitda": 1.9, "debt_ratio": 40.5, "debt_mv": 6.0, "payout": 30.1, "div_years": 5, "rev_cagr3": -7.1, "np_cagr3": -26.2, "rev_yoy": -1.5, "np_yoy": 86.6, "np_vol": 95.3, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": -2.7, "ret_prev2_year": 13.8, "ret_ytd": -17.4, "ret_pivot": 2.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.1, "ret_60": 7.6, "ret_120": -15.2, "ret_250": -20.9, "mdd_250": -40.1, "vol_250": 36.2, "pos_52w": 70.6}, "S": {"duration": 57, "pricing": 50, "hard": 7, "bondness": 41}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 33.9 倍、股息率 0.7%、毛利率近 5 年中位 17.7%、固定资产占比 5%、有息负债/EBITDA 1.9 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 17.7%。", "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 1.7%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 2.7 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 2.72 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.9 倍 粗算,约 85%(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 -40%,年化波动 36%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 6% / 8% / -15%。", "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%。", "第一医药:PE 比行业中位高 11.4倍;股息率 比行业中位低 2.1个百分点;毛利率 比行业中位高 4.3个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}