{"F": {"ts_code": "002321.SZ", "name": "华英农业", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "养殖业", "sw3": "其他养殖", "ind": "养殖业", "fin_source": "tushare", "market": "主板", "list_date": "20091216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.14, "pe_ttm": null, "pb": 5.0285, "dv_ttm": null, "total_mv": 456438.4814, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-13.8, 1.9, 7.4, 9.1, 7.5, 5.8], "rev_series": [31.3, 31.9, 29.0, 37.0, 47.3, 54.5], "np_series": [-11.4, -25.4, -6.0, -0.3, 0.3, -0.6], "roe_series": [-59.0, -204.4, -55.8, -3.2, 3.3, -6.3], "period": "20260630", "rev_ttm": 57.5, "np_ttm": -0.7, "ocf_ttm": -1.1, "fcf_ttm": -1.6, "fcf_yield": -3.4, "ocf_yield": -2.3, "gm_median": 7.4, "gm_std": 2.5, "gm_stab": 0.67, "gm_chg_2022": 21.2, "npm_median": -0.2, "roe_median": -6.3, "commodity": false, "hard_ratio": 21.2, "fix_assets": 8.9, "goodwill_ratio": 2.7, "pb_calc": 5.03, "capex_dep": 0.37, "interest_debt": 6.1, "debt_ebitda": 2.4, "debt_ratio": 66.2, "debt_mv": 13.4, "payout": null, "div_years": 0, "rev_cagr3": 23.4, "np_cagr3": null, "rev_yoy": 14.5, "np_yoy": -41.9, "np_vol": 174.0, "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": [["产品", 47.0], ["羽绒", 34.0], ["冻鸭", 7.0], ["冻品", 7.0]], "ret_prev_year": -3.8, "ret_prev2_year": 0.4, "ret_ytd": -7.0, "ret_pivot": 19.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.6, "ret_60": 17.6, "ret_120": -10.5, "ret_250": -18.9, "mdd_250": -53.9, "vol_250": 38.9, "pos_52w": 59.4}, "S": {"duration": 100, "pricing": 38, "hard": 34, "bondness": 7}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 66%,有息负债 6 亿,经营现金流/市值 -2.3%: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 21%,毛利率近 5 年中位 7.4%。", "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 -3.4%(经营现金流/市值 -2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.4%,稳定度 67%,2020→2022 成本通胀期毛利率变化 21.2 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 21%,资本开支/折旧 0.37 倍。有一些。"], ["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 -19%,最大回撤 -54%,年化波动 39%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 13% / 18% / -10%。", "行业对照": ["同申万二级「养殖业」22 家中位:PE 39.4 / 股息率 1.6% / 毛利率 11.1% / 固定资产占比 50% / 分红率 50%。", "华英农业:PE ;股息率 ;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位低 29.0个百分点。"]}}