{"F": {"ts_code": "001330.SZ", "name": "博纳影业", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "影视院线", "sw3": "影视动漫制作", "ind": "影视院线", "fin_source": "tushare", "market": "主板", "list_date": "20220818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.77, "pe_ttm": null, "pb": 2.1416, "dv_ttm": null, "total_mv": 793097.463, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.3, 40.0, 35.7, 16.0, -0.7, -46.7], "rev_series": [16.1, 31.2, 20.1, 16.1, 14.6, 12.5], "np_series": [1.9, 3.6, -0.7, -5.5, -8.7, -14.6], "roe_series": [3.6, 6.5, -1.2, -8.5, -15.1, -32.2], "period": "20260630", "rev_ttm": 10.4, "np_ttm": -5.8, "ocf_ttm": 3.1, "fcf_ttm": 2.6, "fcf_yield": 3.3, "ocf_yield": 3.8, "gm_median": 16.0, "gm_std": 31.4, "gm_stab": -0.96, "gm_chg_2022": 7.4, "npm_median": -34.5, "roe_median": -8.5, "commodity": false, "hard_ratio": 6.0, "fix_assets": 6.3, "goodwill_ratio": 0.9, "pb_calc": 2.14, "capex_dep": 0.34, "interest_debt": 42.0, "debt_ebitda": 38.4, "debt_ratio": 64.7, "debt_mv": 53.0, "payout": null, "div_years": 0, "rev_cagr3": -14.6, "np_cagr3": null, "rev_yoy": -31.9, "np_yoy": 84.0, "np_vol": 247.3, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 41.2, "fwd_pe2": 28.1, "fwd_g1": null, "fwd_g2": 46.0, "peg": 0.9, "consensus_disp": null, "mainbz": [["产品", 45.0], ["影院及院线", 36.0], ["电影业务", 10.0], ["电影", 10.0]], "ret_prev_year": 24.0, "ret_prev2_year": -14.9, "ret_ytd": -24.1, "ret_pivot": 41.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.9, "ret_60": -10.3, "ret_120": -20.5, "ret_250": 3.2, "mdd_250": -66.6, "vol_250": 74.8, "pos_52w": 43.1}, "S": {"duration": 100, "pricing": 19, "hard": 10, "bondness": 35}, "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 4 年;PE 为负,估值指标失真。", "资产负债率 65%,有息负债 42 亿,经营现金流/市值 3.8%: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 16.0%。", "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 3.3%(经营现金流/市值 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.0%,稳定度 -96%,2020→2022 成本通胀期毛利率变化 7.4 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 6%,资本开支/折旧 0.34 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 3%,最大回撤 -67%,年化波动 75%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 13% / -10% / -20%。", "行业对照": ["同申万二级「影视院线」19 家中位:PE 84.8 / 股息率 0.3% / 毛利率 22.8% / 固定资产占比 6% / 分红率 40%。", "博纳影业:PE ;股息率 ;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}