{"F": {"ts_code": "000055.SZ", "name": "方大集团", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "其他建材", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "19960415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.57, "pe_ttm": null, "pb": 0.6911, "dv_ttm": null, "total_mv": 383373.0894, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 22.4, 24.2, 20.7, 18.9, 13.5], "rev_series": [29.8, 35.6, 38.5, 42.9, 44.2, 33.8], "np_series": [3.8, 2.2, 2.8, 2.7, 1.4, -5.2], "roe_series": [7.2, 4.1, 5.0, 4.7, 2.4, -8.8], "period": "20260630", "rev_ttm": 33.3, "np_ttm": -4.8, "ocf_ttm": 4.6, "fcf_ttm": 3.5, "fcf_yield": 9.3, "ocf_yield": 12.0, "gm_median": 20.7, "gm_std": 3.7, "gm_stab": 0.82, "gm_chg_2022": 5.0, "npm_median": 6.4, "roe_median": 4.1, "commodity": false, "hard_ratio": 7.6, "fix_assets": 9.3, "goodwill_ratio": 0.0, "pb_calc": 0.69, "capex_dep": 2.81, "interest_debt": 28.5, "debt_ebitda": null, "debt_ratio": 54.4, "debt_mv": 74.4, "payout": 35.2, "div_years": 4, "rev_cagr3": -4.2, "np_cagr3": null, "rev_yoy": -3.0, "np_yoy": 215.2, "np_vol": 177.9, "loss_years": 1, "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", 36.0], ["幕墙系统及新材料", 28.0], ["幕墙产品", 28.0], ["地铁屏蔽门及服务", 6.0]], "ret_prev_year": 5.4, "ret_prev2_year": -11.4, "ret_ytd": -12.9, "ret_pivot": 7.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": -3.5, "ret_120": -8.2, "ret_250": -15.2, "mdd_250": -31.1, "vol_250": 35.1, "pos_52w": 78.3}, "S": {"duration": 100, "pricing": 50, "hard": 12, "bondness": 35}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -4.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 28 亿,经营现金流/市值 12.0%: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 8%,毛利率近 5 年中位 20.7%。", "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 9.3%(经营现金流/市值 12.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 82%,2020→2022 成本通胀期毛利率变化 5.0 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 2.81 倍。没有资产可言。"], ["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 -15%,最大回撤 -31%,年化波动 35%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 5% / -4% / -8%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "方大集团:PE ;股息率 ;毛利率 与行业中位持平;固定资产占比 比行业中位低 13.2个百分点。"]}}