{"F": {"ts_code": "002187.SZ", "name": "广百股份", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20071122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.75, "pe_ttm": null, "pb": 1.0065, "dv_ttm": null, "total_mv": 403014.395, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.6, 24.9, 23.8, 24.7, 22.6, 28.2], "rev_series": [23.6, 59.8, 48.9, 53.4, 55.3, 34.1], "np_series": [0.7, 2.6, -1.4, 0.4, 0.5, -1.0], "roe_series": [2.4, 8.0, -3.7, 0.9, 1.2, -2.4], "period": "20260630", "rev_ttm": 23.3, "np_ttm": -0.6, "ocf_ttm": 2.9, "fcf_ttm": 2.5, "fcf_yield": 6.2, "ocf_yield": 7.2, "gm_median": 24.7, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": -15.8, "npm_median": 0.7, "roe_median": 0.9, "commodity": false, "hard_ratio": 10.3, "fix_assets": 7.3, "goodwill_ratio": 0.0, "pb_calc": 1.01, "capex_dep": 0.35, "interest_debt": 15.9, "debt_ebitda": 4.4, "debt_ratio": 43.1, "debt_mv": 39.4, "payout": 58.6, "div_years": 3, "rev_cagr3": -11.3, "np_cagr3": null, "rev_yoy": -48.2, "np_yoy": 240.4, "np_vol": 152.0, "loss_years": 2, "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], ["商品销售", 28.0], ["商业收入", 28.0], ["租赁", 5.0]], "ret_prev_year": 7.5, "ret_prev2_year": 12.8, "ret_ytd": -24.0, "ret_pivot": 35.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.5, "ret_60": 11.7, "ret_120": -13.8, "ret_250": -16.7, "mdd_250": -49.0, "vol_250": 45.4, "pos_52w": 62.9}, "S": {"duration": 100, "pricing": 48, "hard": 16, "bondness": 54}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 16 亿,经营现金流/市值 7.2%: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 10%,毛利率近 5 年中位 24.7%。", "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 6.2%(经营现金流/市值 7.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.7%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -15.8 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 10%,资本开支/折旧 0.35 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 -17%,最大回撤 -49%,年化波动 45%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 10% / 12% / -14%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "广百股份:PE ;股息率 ;毛利率 比行业中位低 9.5个百分点;固定资产占比 比行业中位低 5.1个百分点。"]}}