{"F": {"ts_code": "605266.SH", "name": "健之佳", "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": "20201201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.94, "pe_ttm": 19.0335, "pb": 0.9707, "dv_ttm": 7.6382, "total_mv": 246341.3826, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 35.8, 36.1, 35.9, 35.8, 36.1], "rev_series": [44.7, 52.3, 75.1, 90.8, 92.8, 89.2], "np_series": [2.5, 3.0, 3.6, 4.1, 1.3, 1.5], "roe_series": [21.8, 16.6, 16.2, 15.2, 4.5, 5.4], "period": "20260630", "rev_ttm": 86.5, "np_ttm": 1.3, "ocf_ttm": 12.1, "fcf_ttm": 11.2, "fcf_yield": 45.6, "ocf_yield": 49.3, "gm_median": 35.9, "gm_std": 0.2, "gm_stab": 1.0, "gm_chg_2022": 2.4, "npm_median": 4.6, "roe_median": 15.2, "commodity": false, "hard_ratio": 11.8, "fix_assets": 10.9, "goodwill_ratio": 26.2, "pb_calc": 0.97, "capex_dep": 1.43, "interest_debt": 41.1, "debt_ebitda": 3.1, "debt_ratio": 72.6, "debt_mv": 166.8, "payout": 127.0, "div_years": 5, "rev_cagr3": 5.9, "np_cagr3": -25.8, "rev_yoy": -6.1, "np_yoy": -25.9, "np_vol": 34.5, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.3, "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], ["药品零售", 32.0], ["中西成药", 25.0], ["非药品", 6.0]], "ret_prev_year": -13.3, "ret_prev2_year": -55.1, "ret_ytd": -11.2, "ret_pivot": 2.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.4, "ret_60": -6.7, "ret_120": -15.7, "ret_250": -21.8, "mdd_250": -29.4, "vol_250": 27.1, "pos_52w": 76.9}, "S": {"duration": 38, "pricing": 62, "hard": 19, "bondness": 88}, "label": "现金流红利", "tags": ["商誉占比高", "股息率≥4%"], "text": {"像什么": ["分红率 127%、股息率 7.6%、营收 3 年复合 5.9%、有息负债/EBITDA 3.1 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 12%。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 45.6%(经营现金流/市值 49.3%)。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 100%,2020→2022 成本通胀期毛利率变化 2.4 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 12%,资本开支/折旧 1.43 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.0 倍 粗算,约 74%(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 -22%,最大回撤 -29%,年化波动 27%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -3% / -7% / -16%。", "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%。", "健之佳:PE 比行业中位低 3.5倍;股息率 比行业中位高 4.8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 4.6个百分点。"]}}