{"F": {"ts_code": "600976.SH", "name": "健民集团", "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": "20040419", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.05, "pe_ttm": 13.5981, "pb": 1.5963, "dv_ttm": 3.2086, "total_mv": 430283.073, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.6, 43.5, 43.3, 46.0, 47.7, 58.4], "rev_series": [24.6, 32.8, 36.4, 42.1, 35.0, 33.7], "np_series": [1.5, 3.2, 4.1, 5.2, 3.6, 3.6], "roe_series": [11.7, 22.6, 23.8, 25.4, 15.5, 14.1], "period": "20260630", "rev_ttm": 31.8, "np_ttm": 3.2, "ocf_ttm": 3.4, "fcf_ttm": 2.2, "fcf_yield": 5.1, "ocf_yield": 7.9, "gm_median": 46.0, "gm_std": 5.6, "gm_stab": 0.88, "gm_chg_2022": 2.6, "npm_median": 10.8, "roe_median": 22.6, "commodity": false, "hard_ratio": 14.2, "fix_assets": 6.4, "goodwill_ratio": 0.0, "pb_calc": 1.6, "capex_dep": 2.65, "interest_debt": 0.9, "debt_ebitda": 0.3, "debt_ratio": 40.0, "debt_mv": 2.2, "payout": 37.8, "div_years": 5, "rev_cagr3": -2.5, "np_cagr3": -4.1, "rev_yoy": -10.7, "np_yoy": -19.7, "np_vol": 50.3, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "consensus_n": 2, "fwd_pe": 11.0, "fwd_pe2": 9.4, "fwd_g1": 23.0, "fwd_g2": 18.0, "peg": 0.61, "consensus_disp": null, "mainbz": [["商品销售收入", 50.0], ["医药生产及销售", 32.0], ["商业销售", 18.0], ["其他收入", 0.0]], "ret_prev_year": -18.1, "ret_prev2_year": -35.9, "ret_ytd": -14.1, "ret_pivot": -29.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.0, "ret_60": 6.8, "ret_120": -9.2, "ret_250": -30.9, "mdd_250": -41.3, "vol_250": 28.4, "pos_52w": 66.1}, "S": {"duration": 29, "pricing": 63, "hard": 23, "bondness": 53}, "label": "轻资产现金牛", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["固定资产占比 14%,毛利率近 5 年中位 46.0%,自由现金流/市值 5.1%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 46.0%),硬资产占比 14%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.1%(经营现金流/市值 7.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 2.6 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 14%,资本开支/折旧 2.65 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.6 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -31%,最大回撤 -41%,年化波动 28%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 -7% / 7% / -9%。", "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%。", "健民集团:PE 比行业中位低 9.5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 11.5个百分点;固定资产占比 比行业中位低 9.2个百分点。"]}}