{"F": {"ts_code": "603233.SH", "name": "大参林", "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": "20170731", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.79, "pe_ttm": 15.691, "pb": 2.8372, "dv_ttm": 4.3912, "total_mv": 2139907.6055, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.5, 38.1, 37.8, 35.9, 34.3, 34.3], "rev_series": [145.8, 167.6, 212.5, 245.3, 265.0, 275.0], "np_series": [10.6, 7.9, 10.4, 11.7, 9.1, 12.4], "roe_series": [22.1, 14.6, 17.7, 17.9, 13.3, 17.3], "period": "20260630", "rev_ttm": 279.7, "np_ttm": 13.6, "ocf_ttm": 37.3, "fcf_ttm": 31.3, "fcf_yield": 14.6, "ocf_yield": 17.4, "gm_median": 35.9, "gm_std": 1.6, "gm_stab": 0.95, "gm_chg_2022": -0.7, "npm_median": 4.9, "roe_median": 17.3, "commodity": false, "hard_ratio": 13.5, "fix_assets": 35.0, "goodwill_ratio": 13.9, "pb_calc": 2.77, "capex_dep": 2.47, "interest_debt": 53.4, "debt_ebitda": 1.3, "debt_ratio": 65.0, "debt_mv": 24.9, "payout": 76.5, "div_years": 5, "rev_cagr3": 9.0, "np_cagr3": 6.0, "rev_yoy": 3.5, "np_yoy": 16.1, "np_vol": 25.5, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "consensus_n": 16, "fwd_pe": 14.5, "fwd_pe2": 12.7, "fwd_g1": 8.0, "fwd_g2": 14.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["产品", 50.0], ["中西成药", 39.0], ["非药品", 5.0], ["中参药材", 4.0]], "ret_prev_year": 23.1, "ret_prev2_year": -39.8, "ret_ytd": 9.7, "ret_pivot": 75.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.3, "ret_60": 17.7, "ret_120": 1.1, "ret_250": 15.4, "mdd_250": -28.8, "vol_250": 32.5, "pos_52w": 90.4}, "S": {"duration": 32, "pricing": 58, "hard": 22, "bondness": 68}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%"], "text": {"像什么": ["分红率 76%、股息率 4.4%、营收 3 年复合 9.0%、有息负债/EBITDA 1.3 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 35.9%),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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 14.6%(经营现金流/市值 17.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.9%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -0.7 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 2.47 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.7 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 15%,最大回撤 -29%,年化波动 32%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 7% / 18% / 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%。", "大参林:PE 比行业中位低 6.8倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 22.5个百分点;固定资产占比 比行业中位高 6.3个百分点。"]}}