{"F": {"ts_code": "000016.SZ", "name": "*ST康佳A", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "白色家电", "sw3": "冰洗", "ind": "白色家电", "fin_source": "tushare", "market": "主板", "list_date": "19920327", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.46, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 592354.5684, "trade_date": "20260903", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.5, 3.5, 2.8, 2.9, 2.3, 4.1], "rev_series": [503.5, 491.1, 296.1, 178.5, 111.1, 98.4], "np_series": [4.8, 9.1, -17.2, -22.6, -37.3, -125.8], "roe_series": [5.8, 10.3, -20.9, -35.6, -108.1, null], "period": "20260630", "rev_ttm": 84.4, "np_ttm": -123.7, "ocf_ttm": -14.7, "fcf_ttm": -16.1, "fcf_yield": -27.2, "ocf_yield": -24.8, "gm_median": 2.9, "gm_std": 0.6, "gm_stab": 0.78, "gm_chg_2022": -2.7, "npm_median": -15.3, "roe_median": -28.3, "commodity": false, "hard_ratio": 25.4, "fix_assets": 46.8, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.36, "interest_debt": 155.6, "debt_ebitda": null, "debt_ratio": 133.0, "debt_mv": 262.6, "payout": null, "div_years": 1, "rev_cagr3": -30.7, "np_cagr3": null, "rev_yoy": -26.6, "np_yoy": 54.9, "np_vol": 139.2, "loss_years": 4, "far_share": 100, "earn_yield": null, "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], ["白电业务", 17.0], ["白电", 17.0], ["彩电业务", 10.0]], "ret_prev_year": -10.0, "ret_prev2_year": 32.4, "ret_ytd": -50.5, "ret_pivot": -14.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.9, "ret_60": -12.5, "ret_120": -25.5, "ret_250": -59.8, "mdd_250": -64.5, "vol_250": 47.9, "pos_52w": 39.9}, "S": {"duration": 100, "pricing": 34, "hard": 41, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -123.7 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 133%,有息负债 156 亿,经营现金流/市值 -24.8%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 25%,毛利率近 5 年中位 2.9%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -27.2%(经营现金流/市值 -24.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 2.9%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -2.7 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 25%,资本开支/折旧 0.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 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 -60%,最大回撤 -64%,年化波动 48%,现价在 52 周高点的 40%;近 20 / 60 / 120 日 -4% / -12% / -26%。", "行业对照": ["同申万二级「白色家电」11 家中位:PE 13.9 / 股息率 4.4% / 毛利率 20.8% / 固定资产占比 14% / 分红率 49%。", "*ST康佳A:PE ;股息率 ;毛利率 比行业中位低 17.9个百分点;固定资产占比 比行业中位高 10.9个百分点。"]}}