{"F": {"ts_code": "002094.SZ", "name": "青岛金王", "mkt": "CN", "ccy": "元", "sw1": "美容护理", "sw2": "化妆品", "sw3": "化妆品制造及其他", "ind": "化妆品", "fin_source": "tushare", "market": "主板", "list_date": "20061215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.75, "pe_ttm": null, "pb": 2.704, "dv_ttm": null, "total_mv": 397266.0625, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.8, 13.3, 8.5, 10.0, 19.4, 18.8], "rev_series": [40.0, 31.5, 29.5, 25.1, 17.9, 16.8], "np_series": [-4.3, 0.2, -8.1, 0.1, 0.4, 0.2], "roe_series": [-16.0, 0.7, -44.2, 0.7, 2.4, 1.4], "period": "20260630", "rev_ttm": 16.9, "np_ttm": -0.1, "ocf_ttm": 0.0, "fcf_ttm": -1.6, "fcf_yield": -4.0, "ocf_yield": 0.1, "gm_median": 13.3, "gm_std": 4.5, "gm_stab": 0.66, "gm_chg_2022": 0.7, "npm_median": 0.4, "roe_median": 0.7, "commodity": false, "hard_ratio": 12.2, "fix_assets": 4.1, "goodwill_ratio": 0.2, "pb_calc": 2.7, "capex_dep": 4.44, "interest_debt": 13.9, "debt_ebitda": 12.2, "debt_ratio": 55.8, "debt_mv": 35.1, "payout": null, "div_years": 0, "rev_cagr3": -17.1, "np_cagr3": null, "rev_yoy": 1.2, "np_yoy": -81.5, "np_vol": 2062.0, "loss_years": 1, "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", 36.0], ["新材料蜡烛及工艺品等", 27.0], ["新材料蜡烛、香薰及工艺品等", 27.0], ["化妆品", 7.0]], "ret_prev_year": 39.1, "ret_prev2_year": 45.1, "ret_ytd": -24.8, "ret_pivot": 165.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 21.6, "ret_60": 18.6, "ret_120": -19.0, "ret_250": -36.0, "mdd_250": -53.6, "vol_250": 35.6, "pos_52w": 63.5}, "S": {"duration": 100, "pricing": 38, "hard": 20, "bondness": 35}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 14 亿,经营现金流/市值 0.1%: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": "两条都不占:固定资产占比 12%,毛利率近 5 年中位 13.3%。", "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 -4.0%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.3%,稳定度 66%,2020→2022 成本通胀期毛利率变化 0.7 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 4.44 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 -36%,最大回撤 -54%,年化波动 36%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 22% / 19% / -19%。", "行业对照": ["同申万二级「化妆品」16 家中位:PE 31.5 / 股息率 1.5% / 毛利率 53.1% / 固定资产占比 20% / 分红率 50%。", "青岛金王:PE ;股息率 ;毛利率 比行业中位低 39.8个百分点;固定资产占比 比行业中位低 7.9个百分点。"]}}