{"F": {"ts_code": "603368.SH", "name": "柳药集团", "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": "20141204", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.68, "pe_ttm": 9.5915, "pb": 0.7904, "dv_ttm": 4.2361, "total_mv": 622827.4752, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.4, 11.4, 11.5, 11.9, 11.4, 11.0], "rev_series": [156.7, 171.3, 190.5, 208.1, 211.8, 209.3], "np_series": [7.1, 5.6, 7.0, 8.5, 8.5, 7.1], "roe_series": [15.0, 10.7, 12.3, 13.5, 12.0, 9.2], "period": "20260630", "rev_ttm": 211.5, "np_ttm": 6.5, "ocf_ttm": 11.2, "fcf_ttm": 9.6, "fcf_yield": 15.4, "ocf_yield": 18.1, "gm_median": 11.4, "gm_std": 0.3, "gm_stab": 0.98, "gm_chg_2022": -0.9, "npm_median": 4.0, "roe_median": 12.0, "commodity": false, "hard_ratio": 5.7, "fix_assets": 11.7, "goodwill_ratio": 3.6, "pb_calc": 0.79, "capex_dep": 1.99, "interest_debt": 43.4, "debt_ebitda": 3.5, "debt_ratio": 60.3, "debt_mv": 69.7, "payout": 34.0, "div_years": 5, "rev_cagr3": 3.2, "np_cagr3": 0.4, "rev_yoy": 2.2, "np_yoy": -14.0, "np_vol": 18.7, "loss_years": 0, "far_share": 48.0, "earn_yield": 10.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["药品", 29.0], ["批发", 25.0], ["零售", 7.0]], "ret_prev_year": 4.3, "ret_prev2_year": -2.7, "ret_ytd": -8.5, "ret_pivot": 15.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": -0.9, "ret_120": -6.8, "ret_250": -13.1, "mdd_250": -25.7, "vol_250": 22.7, "pos_52w": 79.9}, "S": {"duration": 21, "pricing": 47, "hard": 9, "bondness": 65}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 9.6 倍、股息率 4.2%、毛利率近 5 年中位 11.4%、固定资产占比 6%、有息负债/EBITDA 3.5 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 6%,毛利率近 5 年中位 11.4%。", "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 15.4%(经营现金流/市值 18.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.4%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -0.9 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 6%,资本开支/折旧 1.99 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 9.6 倍 粗算,约 48%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -13%,最大回撤 -26%,年化波动 23%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 0% / -1% / -7%。", "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%。", "柳药集团:PE 比行业中位低 12.9倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 2.0个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}