{"F": {"ts_code": "000615.SZ", "name": "*ST美谷", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "医疗美容", "sw3": "医美服务", "ind": "医疗美容", "fin_source": "tushare", "market": "主板", "list_date": "19961016", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.32, "pe_ttm": null, "pb": 3.6074, "dv_ttm": null, "total_mv": 593447.5764, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 21.5, 24.3, 25.9, 23.0, 22.7], "rev_series": [19.9, 15.4, 13.6, 13.6, 10.9, 9.8], "np_series": [-1.3, -2.5, -16.1, -3.8, -3.5, -4.4], "roe_series": [-8.0, -16.6, -259.6, null, -17209.0, -51.6], "period": "20260630", "rev_ttm": 7.8, "np_ttm": -5.8, "ocf_ttm": 0.3, "fcf_ttm": 0.3, "fcf_yield": 0.6, "ocf_yield": 0.6, "gm_median": 23.0, "gm_std": 1.5, "gm_stab": 0.93, "gm_chg_2022": -2.7, "npm_median": -35.7, "roe_median": -155.6, "commodity": false, "hard_ratio": 5.7, "fix_assets": 1.3, "goodwill_ratio": 8.6, "pb_calc": 3.61, "capex_dep": 0.01, "interest_debt": 3.0, "debt_ebitda": null, "debt_ratio": 25.6, "debt_mv": 5.1, "payout": null, "div_years": 0, "rev_cagr3": -10.4, "np_cagr3": null, "rev_yoy": -40.7, "np_yoy": -168.2, "np_vol": 190.9, "loss_years": 5, "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": [["医疗美容服务", 92.0], ["其他业务", 8.0]], "ret_prev_year": 111.3, "ret_prev2_year": -1.8, "ret_ytd": -4.9, "ret_pivot": 283.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.5, "ret_60": 0.3, "ret_120": 1.5, "ret_250": 141.6, "mdd_250": -23.0, "vol_250": 112.7, "pos_52w": 86.9}, "S": {"duration": 100, "pricing": 50, "hard": 9, "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 -5.8 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 3 亿,经营现金流/市值 0.6%: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 6%,毛利率近 5 年中位 23.0%。", "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 0.6%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -2.7 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 6%,资本开支/折旧 0.01 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 142%,最大回撤 -23%,年化波动 113%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 -4% / 0% / 2%。", "行业对照": ["同申万二级「医疗美容」4 家中位:PE 25.8 / 股息率 1.2% / 毛利率 81.7% / 固定资产占比 16% / 分红率 32%。", "*ST美谷:PE ;股息率 ;毛利率 比行业中位低 58.7个百分点;固定资产占比 比行业中位低 10.4个百分点。"]}}