{"F": {"ts_code": "002183.SZ", "name": "怡亚通", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "贸易Ⅱ", "sw3": "贸易Ⅲ", "ind": "贸易Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20071113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.35, "pe_ttm": null, "pb": 1.2514, "dv_ttm": null, "total_mv": 1129698.9585, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.5, 6.3, 4.7, 4.1, 4.3, 4.3], "rev_series": [681.2, 702.1, 854.0, 944.2, 776.2, 681.9], "np_series": [1.2, 5.1, 2.6, 1.4, 1.1, -3.2], "roe_series": [2.1, 7.0, 2.9, 1.6, 1.2, -3.5], "period": "20260630", "rev_ttm": 570.7, "np_ttm": -3.2, "ocf_ttm": 4.6, "fcf_ttm": 3.2, "fcf_yield": 2.8, "ocf_yield": 4.1, "gm_median": 4.3, "gm_std": 0.8, "gm_stab": 0.81, "gm_chg_2022": -0.9, "npm_median": 0.1, "roe_median": 1.6, "commodity": false, "hard_ratio": 3.3, "fix_assets": 17.9, "goodwill_ratio": 0.4, "pb_calc": 1.25, "capex_dep": 1.48, "interest_debt": 219.2, "debt_ebitda": 41.4, "debt_ratio": 81.2, "debt_mv": 194.0, "payout": 24.5, "div_years": 4, "rev_cagr3": -7.2, "np_cagr3": null, "rev_yoy": -30.9, "np_yoy": -15.8, "np_vol": 225.2, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 62.1, "fwd_pe2": 33.5, "fwd_g1": null, "fwd_g2": 86.0, "peg": 0.72, "consensus_disp": null, "mainbz": [["产品", 50.0], ["分销和营销", 46.0], ["品牌运营", 2.0], ["跨境和物流服务", 2.0]], "ret_prev_year": 6.3, "ret_prev2_year": 0.5, "ret_ytd": -8.6, "ret_pivot": 27.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.0, "ret_60": -20.0, "ret_120": -15.7, "ret_250": -9.9, "mdd_250": -44.1, "vol_250": 49.8, "pos_52w": 57.1}, "S": {"duration": 100, "pricing": 37, "hard": 5, "bondness": 44}, "label": "亏损或困境", "tags": ["PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -3.2 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 81%,有息负债 219 亿,经营现金流/市值 4.1%: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 3%,毛利率近 5 年中位 4.3%。", "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 2.8%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.3%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -0.9 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 3%,资本开支/折旧 1.48 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 -10%,最大回撤 -44%,年化波动 50%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -6% / -20% / -16%。", "行业对照": ["同申万二级「贸易Ⅱ」12 家中位:PE 12.4 / 股息率 1.7% / 毛利率 4.7% / 固定资产占比 4% / 分红率 59%。", "怡亚通:PE ;股息率 ;毛利率 比行业中位低 0.4个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}