{"F": {"ts_code": "601607.SH", "name": "上海医药", "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": "19940324", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.62, "pe_ttm": 12.9206, "pb": 0.7867, "dv_ttm": 2.8279, "total_mv": 6163297.3116, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.3, 13.2, 13.1, 12.0, 11.1, 10.7], "rev_series": [1919.1, 2158.2, 2319.8, 2603.0, 2752.5, 2835.8], "np_series": [45.0, 50.9, 56.2, 37.7, 45.5, 57.2], "roe_series": [10.3, 10.8, 9.6, 5.6, 6.5, 7.8], "period": "20260630", "rev_ttm": 2894.6, "np_ttm": 47.7, "ocf_ttm": 96.1, "fcf_ttm": 73.7, "fcf_yield": 12.0, "ocf_yield": 15.6, "gm_median": 12.0, "gm_std": 1.0, "gm_stab": 0.92, "gm_chg_2022": -1.2, "npm_median": 2.5, "roe_median": 7.8, "commodity": false, "hard_ratio": 7.2, "fix_assets": 172.6, "goodwill_ratio": 5.3, "pb_calc": 0.79, "capex_dep": 1.49, "interest_debt": 529.8, "debt_ebitda": 4.2, "debt_ratio": 61.5, "debt_mv": 86.0, "payout": 38.3, "div_years": 5, "rev_cagr3": 6.9, "np_cagr3": 0.6, "rev_yoy": 4.2, "np_yoy": -21.4, "np_vol": 20.9, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.7, "consensus_n": 7, "fwd_pe": 11.3, "fwd_pe2": 10.5, "fwd_g1": 14.0, "fwd_g2": 7.0, "peg": 1.61, "consensus_disp": null, "mainbz": [["产品", 50.0], ["分销", 46.0], ["工业", 4.0], ["零售", 1.0]], "ret_prev_year": -14.1, "ret_prev2_year": 30.7, "ret_ytd": -4.4, "ret_pivot": -5.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.5, "ret_60": 4.6, "ret_120": -1.9, "ret_250": -12.6, "mdd_250": -20.9, "vol_250": 15.1, "pos_52w": 88.0}, "S": {"duration": 28, "pricing": 45, "hard": 12, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.9 倍、股息率 2.8%、毛利率近 5 年中位 12.0%、固定资产占比 7%、有息负债/EBITDA 4.2 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 7%,毛利率近 5 年中位 12.0%。", "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 12.0%(经营现金流/市值 15.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.0%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -1.2 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 7%,资本开支/折旧 1.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.9 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -21%,年化波动 15%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 -0% / 5% / -2%。", "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%。", "上海医药:PE 比行业中位低 9.6倍;股息率 与行业中位持平;毛利率 比行业中位低 1.4个百分点;固定资产占比 与行业中位持平。"]}}