{"F": {"ts_code": "000607.SZ", "name": "华媒控股", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "广告媒体", "ind": "广告营销", "fin_source": "tushare", "market": "主板", "list_date": "19960830", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.81, "pe_ttm": null, "pb": 3.2358, "dv_ttm": null, "total_mv": 387743.0904, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.7, 22.0, 21.7, 20.8, 22.0, 17.1], "rev_series": [16.7, 19.7, 18.1, 17.8, 14.3, 12.5], "np_series": [-3.4, 1.2, 0.8, 0.9, -0.1, -3.6], "roe_series": [-22.5, 8.2, 5.6, 5.5, -0.5, -25.3], "period": "20260630", "rev_ttm": 12.4, "np_ttm": -3.2, "ocf_ttm": 2.7, "fcf_ttm": 2.6, "fcf_yield": 6.6, "ocf_yield": 7.0, "gm_median": 21.7, "gm_std": 1.9, "gm_stab": 0.91, "gm_chg_2022": 0.9, "npm_median": 5.3, "roe_median": 5.5, "commodity": false, "hard_ratio": 5.3, "fix_assets": 1.7, "goodwill_ratio": 3.6, "pb_calc": 3.24, "capex_dep": 0.48, "interest_debt": 9.7, "debt_ebitda": 14.0, "debt_ratio": 55.7, "debt_mv": 24.9, "payout": 32.2, "div_years": 1, "rev_cagr3": -11.6, "np_cagr3": null, "rev_yoy": -0.5, "np_yoy": 69.9, "np_vol": 1682.6, "loss_years": 2, "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": [["广告及策划", 22.0], ["报刊发行业", 12.0], ["报刊发行", 12.0], ["教育培训及技术服务", 11.0]], "ret_prev_year": 11.9, "ret_prev2_year": -18.5, "ret_ytd": -8.2, "ret_pivot": 22.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.1, "ret_60": 12.1, "ret_120": -8.6, "ret_250": -18.1, "mdd_250": -43.5, "vol_250": 36.9, "pos_52w": 70.2}, "S": {"duration": 100, "pricing": 51, "hard": 8, "bondness": 46}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 10 亿,经营现金流/市值 7.0%: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 5%,毛利率近 5 年中位 21.7%。", "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 6.6%(经营现金流/市值 7.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 0.9 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 5%,资本开支/折旧 0.48 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 -18%,最大回撤 -44%,年化波动 37%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 6% / 12% / -9%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "华媒控股:PE ;股息率 ;毛利率 比行业中位高 7.0个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}