{"F": {"ts_code": "000702.SZ", "name": "正虹科技", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "饲料", "sw3": "畜禽饲料", "ind": "饲料", "fin_source": "tushare", "market": "主板", "list_date": "19970318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.26, "pe_ttm": null, "pb": 6.6827, "dv_ttm": null, "total_mv": 216987.1874, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.9, 2.6, 1.5, 4.0, 5.1, 7.1], "rev_series": [10.7, 14.3, 11.6, 12.4, 11.2, 10.2], "np_series": [0.3, -2.2, -1.2, -1.4, -0.7, -0.1], "roe_series": [6.0, -48.2, -40.1, -42.7, -16.5, -4.0], "period": "20260630", "rev_ttm": 10.9, "np_ttm": -0.3, "ocf_ttm": -0.8, "fcf_ttm": -0.9, "fcf_yield": -4.3, "ocf_yield": -3.5, "gm_median": 4.0, "gm_std": 2.0, "gm_stab": 0.51, "gm_chg_2022": -10.4, "npm_median": -10.0, "roe_median": -40.1, "commodity": false, "hard_ratio": 20.4, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 6.68, "capex_dep": 0.69, "interest_debt": 2.0, "debt_ebitda": null, "debt_ratio": 54.2, "debt_mv": 9.1, "payout": null, "div_years": 0, "rev_cagr3": -4.3, "np_cagr3": null, "rev_yoy": 14.2, "np_yoy": -158.9, "np_vol": 325.1, "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", 47.0], ["饲料销售", 42.0], ["生猪销售", 4.0], ["牲猪", 4.0]], "ret_prev_year": 0.8, "ret_prev2_year": 5.7, "ret_ytd": -6.3, "ret_pivot": 30.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.8, "ret_60": 11.8, "ret_120": -11.5, "ret_250": -21.0, "mdd_250": -43.2, "vol_250": 35.6, "pos_52w": 77.2}, "S": {"duration": 100, "pricing": 24, "hard": 33, "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 -0.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 2 亿,经营现金流/市值 -3.5%: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 20%,毛利率近 5 年中位 4.0%。", "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 -4.3%(经营现金流/市值 -3.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.0%,稳定度 51%,2020→2022 成本通胀期毛利率变化 -10.4 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 20%,资本开支/折旧 0.69 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 -21%,最大回撤 -43%,年化波动 36%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 19% / 12% / -12%。", "行业对照": ["同申万二级「饲料」19 家中位:PE 44.7 / 股息率 1.2% / 毛利率 9.9% / 固定资产占比 35% / 分红率 40%。", "正虹科技:PE ;股息率 ;毛利率 比行业中位低 5.9个百分点;固定资产占比 比行业中位低 15.0个百分点。"]}}