{"F": {"ts_code": "600993.SH", "name": "马应龙", "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": "20040517", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.06, "pe_ttm": 16.5425, "pb": 2.2386, "dv_ttm": 3.0356, "total_mv": 994010.2934, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.4, 40.4, 42.4, 41.9, 46.6, 49.2], "rev_series": [27.9, 33.9, 35.3, 31.4, 37.3, 38.7], "np_series": [4.2, 4.6, 4.8, 4.4, 5.3, 5.8], "roe_series": [15.5, 15.4, 14.4, 12.3, 13.5, 13.8], "period": "20260630", "rev_ttm": 39.3, "np_ttm": 6.0, "ocf_ttm": 7.2, "fcf_ttm": 6.4, "fcf_yield": 6.4, "ocf_yield": 7.2, "gm_median": 42.4, "gm_std": 3.3, "gm_stab": 0.92, "gm_chg_2022": 2.0, "npm_median": 14.4, "roe_median": 13.8, "commodity": false, "hard_ratio": 11.2, "fix_assets": 6.5, "goodwill_ratio": 0.4, "pb_calc": 2.24, "capex_dep": 1.61, "interest_debt": 0.9, "debt_ebitda": 0.1, "debt_ratio": 20.6, "debt_mv": 0.9, "payout": 50.4, "div_years": 5, "rev_cagr3": 3.1, "np_cagr3": 6.7, "rev_yoy": 3.2, "np_yoy": 5.6, "np_vol": 8.9, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "consensus_n": 8, "fwd_pe": 14.9, "fwd_pe2": 13.2, "fwd_g1": 11.0, "fwd_g2": 13.0, "peg": 1.15, "consensus_disp": null, "mainbz": [["产品", 40.0], ["治痔类", 17.0], ["零售、批发", 14.0], ["药品零售批发", 14.0]], "ret_prev_year": 10.1, "ret_prev2_year": 10.4, "ret_ytd": -15.5, "ret_pivot": 13.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.7, "ret_60": 1.9, "ret_120": -9.8, "ret_250": -16.8, "mdd_250": -29.1, "vol_250": 23.3, "pos_52w": 78.4}, "S": {"duration": 34, "pricing": 62, "hard": 18, "bondness": 53}, "label": "轻资产现金牛", "tags": ["现金流红利"], "text": {"像什么": ["固定资产占比 11%,毛利率近 5 年中位 42.4%,自由现金流/市值 6.4%: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 42.4%),硬资产占比 11%。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 6.4%(经营现金流/市值 7.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 2.0 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 11%,资本开支/折旧 1.61 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.5 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -17%,最大回撤 -29%,年化波动 23%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -2% / 2% / -10%。", "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%。", "马应龙:PE 比行业中位低 6.6倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 15.1个百分点;固定资产占比 比行业中位低 12.2个百分点。"]}}