{"F": {"ts_code": "002127.SZ", "name": "南极电商", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "电商服务", "ind": "互联网电商", "fin_source": "tushare", "market": "主板", "list_date": "20070418", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.98, "pe_ttm": null, "pb": 1.9425, "dv_ttm": 2.0134, "total_mv": 731551.3801, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.1, 22.3, 17.4, 15.7, 15.0, 12.8], "rev_series": [41.7, 38.9, 33.1, 26.9, 33.6, 26.0], "np_series": [11.9, 4.8, -3.0, 1.1, -2.4, -2.8], "roe_series": [22.3, 9.0, -6.5, 2.5, -5.4, -7.0], "period": "20260630", "rev_ttm": 22.5, "np_ttm": -2.4, "ocf_ttm": 2.4, "fcf_ttm": 2.3, "fcf_yield": 3.2, "ocf_yield": 3.3, "gm_median": 15.7, "gm_std": 3.2, "gm_stab": 0.8, "gm_chg_2022": -17.8, "npm_median": -7.3, "roe_median": -5.4, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 1.94, "capex_dep": 11.05, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 12.5, "debt_mv": 0.4, "payout": 168.8, "div_years": 4, "rev_cagr3": -7.7, "np_cagr3": null, "rev_yoy": -25.7, "np_yoy": 279.4, "np_vol": 149.7, "loss_years": 3, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 29.8, "fwd_pe2": 21.3, "fwd_g1": null, "fwd_g2": 40.0, "peg": 0.74, "consensus_disp": null, "mainbz": [["移动互联网媒体投放平台业务", 72.0], ["自媒体流量变现业务", 9.0], ["品牌综合服务业务", 7.0], ["品牌服务费", 7.0]], "ret_prev_year": -23.0, "ret_prev2_year": 15.9, "ret_ytd": -10.0, "ret_pivot": 16.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.6, "ret_60": 10.0, "ret_120": 1.0, "ret_250": -19.9, "mdd_250": -32.3, "vol_250": 35.4, "pos_52w": 77.6}, "S": {"duration": 100, "pricing": 40, "hard": 0, "bondness": 68}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -2.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 12%,有息负债 0 亿,经营现金流/市值 3.3%: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 0%,毛利率近 5 年中位 15.7%。", "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 3.2%(经营现金流/市值 3.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.7%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -17.8 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 0%,资本开支/折旧 11.05 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 -20%,最大回撤 -32%,年化波动 35%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 -7% / 10% / 1%。", "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%。", "南极电商:PE ;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 15.7个百分点;固定资产占比 比行业中位低 9.6个百分点。"]}}