{"F": {"ts_code": "002306.SZ", "name": "ST云网", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "酒店餐饮", "sw3": "餐饮", "ind": "酒店餐饮", "fin_source": "tushare", "market": "主板", "list_date": "20091111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.37, "pe_ttm": null, "pb": 35.817, "dv_ttm": null, "total_mv": 206133.7125, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.2, 34.0, 48.9, 0.5, 8.4, 13.6], "rev_series": [2.7, 3.2, 1.3, 1.9, 3.0, 3.3], "np_series": [-0.1, 0.0, -0.2, -0.6, -0.3, -0.6], "roe_series": [-45.0, 7.3, -32.2, -142.5, -2485.5, -188.7], "period": "20260630", "rev_ttm": 3.6, "np_ttm": -0.6, "ocf_ttm": -0.4, "fcf_ttm": -0.5, "fcf_yield": -2.3, "ocf_yield": -2.2, "gm_median": 13.6, "gm_std": 17.8, "gm_stab": -0.31, "gm_chg_2022": 14.7, "npm_median": -18.9, "roe_median": -142.5, "commodity": false, "hard_ratio": 51.4, "fix_assets": 4.1, "goodwill_ratio": 1.3, "pb_calc": 35.82, "capex_dep": 0.23, "interest_debt": 0.8, "debt_ebitda": 13.0, "debt_ratio": 85.1, "debt_mv": 3.8, "payout": null, "div_years": 0, "rev_cagr3": 36.6, "np_cagr3": null, "rev_yoy": 39.4, "np_yoy": -46.4, "np_vol": 264.9, "loss_years": 4, "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": [["餐饮业务", 37.0], ["新能源光伏业务", 31.0], ["新能源光伏", 31.0], ["其他业务", 1.0]], "ret_prev_year": -30.9, "ret_prev2_year": -50.6, "ret_ytd": 19.1, "ret_pivot": -2.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 30.9, "ret_60": 11.8, "ret_120": 2.6, "ret_250": 22.8, "mdd_250": -35.8, "vol_250": 41.0, "pos_52w": 93.3}, "S": {"duration": 100, "pricing": 18, "hard": 82, "bondness": 15}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 51%,但毛利率近 5 年中位只有 13.6%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 14.7 个百分点;有息负债/EBITDA 13.0 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 51%),没有定价权:毛利率近 5 年中位 13.6%,稳定度 -31%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -2.3%(经营现金流/市值 -2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.6%,稳定度 -31%,2020→2022 成本通胀期毛利率变化 14.7 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 51%,资本开支/折旧 0.23 倍。涨。"], ["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 23%,最大回撤 -36%,年化波动 41%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 31% / 12% / 3%。", "行业对照": ["同申万二级「酒店餐饮」9 家中位:PE 75.3 / 股息率 1.9% / 毛利率 19.3% / 固定资产占比 28% / 分红率 59%。", "ST云网:PE ;股息率 ;毛利率 比行业中位低 5.7个百分点;固定资产占比 比行业中位高 23.0个百分点。"]}}