{"F": {"ts_code": "002162.SZ", "name": "悦心健康", "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": "20070823", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.02, "pe_ttm": 359.2945, "pb": 4.4638, "dv_ttm": null, "total_mv": 369719.7618, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.3, 26.9, 21.6, 22.4, 21.3, 23.4], "rev_series": [11.9, 12.6, 11.6, 12.8, 12.0, 10.6], "np_series": [0.6, 0.5, -2.8, 0.5, -1.5, 0.1], "roe_series": [5.7, 4.0, -24.4, 5.0, -16.2, 0.8], "period": "20260630", "rev_ttm": 10.8, "np_ttm": 0.1, "ocf_ttm": 0.7, "fcf_ttm": 0.4, "fcf_yield": 1.0, "ocf_yield": 1.8, "gm_median": 22.4, "gm_std": 2.0, "gm_stab": 0.91, "gm_chg_2022": -6.7, "npm_median": 0.6, "roe_median": 0.8, "commodity": false, "hard_ratio": 12.6, "fix_assets": 2.5, "goodwill_ratio": 0.7, "pb_calc": 4.46, "capex_dep": 1.2, "interest_debt": 6.3, "debt_ebitda": 6.3, "debt_ratio": 56.9, "debt_mv": 17.0, "payout": null, "div_years": 0, "rev_cagr3": -3.0, "np_cagr3": null, "rev_yoy": 4.2, "np_yoy": 201.5, "np_vol": 320.9, "loss_years": 2, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["瓷砖-仿古砖", 24.0], ["瓷砖-大理石", 22.0], ["大康养", 18.0], ["医疗", 18.0]], "ret_prev_year": 34.7, "ret_prev2_year": -19.3, "ret_ytd": -13.7, "ret_pivot": 38.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": 9.2, "ret_120": -19.3, "ret_250": -15.0, "mdd_250": -44.4, "vol_250": 40.9, "pos_52w": 66.1}, "S": {"duration": 100, "pricing": 47, "hard": 20, "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 0.1 亿,近 5 年亏损 2 年;PE 359 倍(盈利极薄),估值指标失真。", "资产负债率 57%,有息负债 6 亿,经营现金流/市值 1.8%: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 13%,毛利率近 5 年中位 22.4%。", "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 1.0%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -6.7 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 13%,资本开支/折旧 1.20 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 359.3 倍 粗算,约 99%(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 -15%,最大回撤 -44%,年化波动 41%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 0% / 9% / -19%。", "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%。", "悦心健康:PE 比行业中位高 331.0倍;股息率 ;毛利率 比行业中位低 5.9个百分点;固定资产占比 比行业中位低 19.0个百分点。"]}}