{"F": {"ts_code": "603439.SH", "name": "三力制药", "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": "20200428", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.23, "pe_ttm": 13198.2008, "pb": 3.366, "dv_ttm": 0.4855, "total_mv": 493896.5646, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [66.8, 70.5, 71.7, 73.3, 69.7, 70.0], "rev_series": [6.3, 9.4, 12.0, 16.3, 21.4, 17.0], "np_series": [0.9, 1.5, 2.0, 2.9, 2.7, 0.5], "roe_series": [11.5, 15.1, 17.7, 21.6, 18.3, 3.1], "period": "20260630", "rev_ttm": 15.6, "np_ttm": 0.0, "ocf_ttm": 2.6, "fcf_ttm": 2.3, "fcf_yield": 4.6, "ocf_yield": 5.2, "gm_median": 70.5, "gm_std": 1.3, "gm_stab": 0.98, "gm_chg_2022": 4.9, "npm_median": 15.8, "roe_median": 17.7, "commodity": false, "hard_ratio": 18.1, "fix_assets": 4.7, "goodwill_ratio": 16.9, "pb_calc": 3.37, "capex_dep": 0.58, "interest_debt": 6.4, "debt_ebitda": 2.8, "debt_ratio": 40.2, "debt_mv": 12.9, "payout": 50.7, "div_years": 4, "rev_cagr3": 12.3, "np_cagr3": -38.7, "rev_yoy": -20.3, "np_yoy": -55.2, "np_vol": 51.8, "loss_years": 0, "far_share": 100.0, "earn_yield": 0.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 45.0], ["呼吸系统用药", 28.0], ["补益类", 9.0], ["补益用药", 9.0]], "ret_prev_year": -7.6, "ret_prev2_year": -31.1, "ret_ytd": 5.1, "ret_pivot": -3.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.3, "ret_60": -20.6, "ret_120": 5.5, "ret_250": -6.3, "mdd_250": -42.9, "vol_250": 38.2, "pos_52w": 72.2}, "S": {"duration": 100, "pricing": 81, "hard": 29, "bondness": 37}, "label": "定价权·品牌", "tags": ["纯久期", "商誉占比高"], "text": {"像什么": ["没有硬资产(固定资产占比 18%)但有定价权:毛利率近 5 年中位 70.5%,稳定度 98%、ROE 近 5 年中位 17.7%。", "自由现金流/市值 4.6%,分红率 51%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 70.5%),硬资产占比 18%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.6%(经营现金流/市值 5.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 70.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 4.9 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 18%,资本开支/折旧 0.58 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13198.2 倍 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -6%,最大回撤 -43%,年化波动 38%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 9% / -21% / 6%。", "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%。", "三力制药:PE 比行业中位高 13175.1倍;股息率 比行业中位低 2.3个百分点;毛利率 比行业中位高 13.0个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}