{"F": {"ts_code": "603998.SH", "name": "方盛制药", "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": "20141205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.8, "pe_ttm": 14.1636, "pb": 2.6684, "dv_ttm": 4.1667, "total_mv": 474207.912, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.7, 64.1, 67.3, 68.1, 71.8, 72.0], "rev_series": [12.8, 15.7, 17.9, 16.3, 17.8, 17.5], "np_series": [0.6, 0.7, 2.9, 1.9, 2.6, 3.1], "roe_series": [5.6, 6.0, 22.1, 13.1, 16.6, 18.4], "period": "20260630", "rev_ttm": 18.7, "np_ttm": 3.3, "ocf_ttm": 5.3, "fcf_ttm": 4.3, "fcf_yield": 9.1, "ocf_yield": 11.1, "gm_median": 68.1, "gm_std": 3.0, "gm_stab": 0.96, "gm_chg_2022": 3.5, "npm_median": 14.1, "roe_median": 16.6, "commodity": false, "hard_ratio": 35.9, "fix_assets": 11.1, "goodwill_ratio": 8.6, "pb_calc": 2.67, "capex_dep": 1.49, "interest_debt": 3.3, "debt_ebitda": 0.7, "debt_ratio": 39.6, "debt_mv": 6.9, "payout": 64.3, "div_years": 5, "rev_cagr3": -0.9, "np_cagr3": 2.3, "rev_yoy": 14.8, "np_yoy": 16.8, "np_vol": 122.4, "loss_years": 0, "far_share": 65.0, "earn_yield": 7.1, "consensus_n": 5, "fwd_pe": 13.0, "fwd_pe2": 10.8, "fwd_g1": 9.0, "fwd_g2": 20.0, "peg": 0.65, "consensus_disp": null, "mainbz": [["产品", 50.0], ["销售商品", 48.0], ["提供服务", 2.0]], "ret_prev_year": 12.7, "ret_prev2_year": -2.9, "ret_ytd": -1.3, "ret_pivot": 18.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.1, "ret_60": 11.7, "ret_120": -8.2, "ret_250": -11.3, "mdd_250": -30.4, "vol_250": 33.0, "pos_52w": 85.0}, "S": {"duration": 30, "pricing": 78, "hard": 57, "bondness": 70}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 64%、股息率 4.2%、营收 3 年复合 -0.9%、有息负债/EBITDA 0.7 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 68.1% 两条都占,但所在行业(医药生物)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 9.1%(经营现金流/市值 11.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 68.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 3.5 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 36%,资本开支/折旧 1.49 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.2 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -11%,最大回撤 -30%,年化波动 33%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 11% / 12% / -8%。", "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%。", "方盛制药:PE 比行业中位低 8.9倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 10.6个百分点;固定资产占比 比行业中位高 12.5个百分点。"]}}