{"F": {"ts_code": "002024.SZ", "name": "ST易购", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "综合电商", "ind": "互联网电商", "fin_source": "tushare", "market": "主板", "list_date": "20040721", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.18, "pe_ttm": 79.954, "pb": 0.8947, "dv_ttm": null, "total_mv": 1093242.5768, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.0, 6.6, 7.6, 18.9, 22.0, 18.9], "rev_series": [2523.0, 1389.0, 713.7, 626.3, 567.9, 489.6], "np_series": [-42.7, -432.6, -162.2, -40.9, 6.1, 0.6], "roe_series": [-5.2, -79.4, -67.3, -29.8, 5.1, 0.5], "period": "20260630", "rev_ttm": 416.2, "np_ttm": 1.4, "ocf_ttm": 24.9, "fcf_ttm": 21.0, "fcf_yield": 19.2, "ocf_yield": 22.8, "gm_median": 18.9, "gm_std": 6.4, "gm_stab": 0.66, "gm_chg_2022": -3.4, "npm_median": -6.8, "roe_median": -29.8, "commodity": false, "hard_ratio": 11.5, "fix_assets": 117.7, "goodwill_ratio": 1.0, "pb_calc": 0.89, "capex_dep": 0.42, "interest_debt": 471.6, "debt_ebitda": 35.0, "debt_ratio": 89.1, "debt_mv": 431.4, "payout": null, "div_years": 0, "rev_cagr3": -11.8, "np_cagr3": null, "rev_yoy": -28.4, "np_yoy": 161.4, "np_vol": 387.4, "loss_years": 3, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["家用电器及消费电子", 39.0], ["其他业务", 4.0], ["日用百货", 4.0]], "ret_prev_year": -17.5, "ret_prev2_year": 16.4, "ret_ytd": -30.6, "ret_pivot": -15.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.3, "ret_60": -2.5, "ret_120": -21.9, "ret_250": -38.9, "mdd_250": -42.2, "vol_250": 26.7, "pos_52w": 59.3}, "S": {"duration": 86, "pricing": 38, "hard": 18, "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 1.4 亿,近 5 年亏损 3 年;PE 80 倍(盈利极薄),估值指标失真。", "资产负债率 89%,有息负债 472 亿,经营现金流/市值 22.8%: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 12%,毛利率近 5 年中位 18.9%。", "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 19.2%(经营现金流/市值 22.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.9%,稳定度 66%,2020→2022 成本通胀期毛利率变化 -3.4 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 12%,资本开支/折旧 0.42 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 80.0 倍 粗算,约 94%(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 -39%,最大回撤 -42%,年化波动 27%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -3% / -2% / -22%。", "行业对照": ["同申万二级「互联网电商」19 家中位:PE 32.2 / 股息率 1.6% / 毛利率 31.4% / 固定资产占比 10% / 分红率 74%。", "ST易购:PE 比行业中位高 47.8倍;股息率 ;毛利率 比行业中位低 12.5个百分点;固定资产占比 比行业中位高 1.8个百分点。"]}}