{"F": {"ts_code": "000679.SZ", "name": "大连友谊", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19970124", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.39, "pe_ttm": null, "pb": 18.1019, "dv_ttm": null, "total_mv": 227739.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.3, 25.5, 22.1, 26.8, 14.6, 17.8], "rev_series": [1.8, 1.8, 1.5, 1.6, 3.7, 4.2], "np_series": [0.3, -2.2, -0.5, -0.4, -0.8, -1.0], "roe_series": [4.1, -40.9, -12.7, -10.6, -26.5, -47.3], "period": "20260630", "rev_ttm": 4.5, "np_ttm": -0.9, "ocf_ttm": -0.2, "fcf_ttm": -0.3, "fcf_yield": -1.3, "ocf_yield": -1.1, "gm_median": 22.1, "gm_std": 4.6, "gm_stab": 0.79, "gm_chg_2022": -2.2, "npm_median": -27.8, "roe_median": -26.5, "commodity": false, "hard_ratio": 53.9, "fix_assets": 5.1, "goodwill_ratio": 0.0, "pb_calc": 18.1, "capex_dep": 0.38, "interest_debt": 1.0, "debt_ebitda": null, "debt_ratio": 97.2, "debt_mv": 4.5, "payout": null, "div_years": 0, "rev_cagr3": 41.2, "np_cagr3": null, "rev_yoy": 15.7, "np_yoy": 9.5, "np_vol": 377.1, "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": [["产品", 50.0], ["保税商品零售", 32.0], ["一般商品零售", 18.0], ["房地产", 0.0]], "ret_prev_year": 8.9, "ret_prev2_year": 18.5, "ret_ytd": -10.3, "ret_pivot": 101.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.3, "ret_60": 6.9, "ret_120": -8.5, "ret_250": -31.3, "mdd_250": -48.0, "vol_250": 41.5, "pos_52w": 64.6}, "S": {"duration": 100, "pricing": 45, "hard": 86, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 97%,有息负债 1 亿,经营现金流/市值 -1.1%: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": "只占硬资产一条(占比 54%),没有定价权:毛利率近 5 年中位 22.1%,稳定度 79%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -1.3%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.1%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -2.2 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 54%,资本开支/折旧 0.38 倍。涨。"], ["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 -31%,最大回撤 -48%,年化波动 42%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 8% / 7% / -8%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "大连友谊:PE ;股息率 ;毛利率 比行业中位低 12.1个百分点;固定资产占比 比行业中位高 38.5个百分点。"]}}