{"F": {"ts_code": "000910.SZ", "name": "大亚圣象", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "瓷砖地板", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "19990630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.39, "pe_ttm": null, "pb": 0.4643, "dv_ttm": 3.525, "total_mv": 295047.2525, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.4, 26.1, 24.1, 25.9, 25.1, 26.7], "rev_series": [72.6, 87.5, 73.6, 65.3, 53.5, 45.7], "np_series": [6.3, 6.0, 4.2, 3.3, 1.4, 0.1], "roe_series": [11.7, 10.2, 6.7, 5.1, 2.1, 0.2], "period": "20260630", "rev_ttm": 45.5, "np_ttm": -2.2, "ocf_ttm": -7.1, "fcf_ttm": -9.8, "fcf_yield": -33.1, "ocf_yield": -23.9, "gm_median": 25.9, "gm_std": 0.9, "gm_stab": 0.97, "gm_chg_2022": -5.3, "npm_median": 5.2, "roe_median": 5.1, "commodity": false, "hard_ratio": 21.5, "fix_assets": 19.2, "goodwill_ratio": 2.0, "pb_calc": 0.46, "capex_dep": 1.75, "interest_debt": 1.1, "debt_ebitda": null, "debt_ratio": 27.2, "debt_mv": 3.9, "payout": 76.0, "div_years": 5, "rev_cagr3": -14.7, "np_cagr3": -68.3, "rev_yoy": -1.2, "np_yoy": -643.6, "np_vol": 30.3, "loss_years": 0, "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], ["木地板", 21.0], ["铝板带", 10.0], ["中高密度板", 9.0]], "ret_prev_year": -2.9, "ret_prev2_year": 0.8, "ret_ytd": -25.9, "ret_pivot": -5.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": -7.2, "ret_120": -26.1, "ret_250": -31.1, "mdd_250": -42.3, "vol_250": 28.3, "pos_52w": 64.6}, "S": {"duration": 100, "pricing": 51, "hard": 34, "bondness": 71}, "label": "现金流红利", "tags": ["亏损或困境"], "text": {"像什么": ["分红率 76%、股息率 3.5%、营收 3 年复合 -14.7%、资产负债率 27%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 22%,毛利率近 5 年中位 25.9%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -33.1%(经营现金流/市值 -23.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.9%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -5.3 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 22%,资本开支/折旧 1.75 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 -31%,最大回撤 -42%,年化波动 28%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 3% / -7% / -26%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "大亚圣象:PE ;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位低 2.4个百分点;固定资产占比 比行业中位低 10.1个百分点。"]}}