{"F": {"ts_code": "002343.SZ", "name": "慈文传媒", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "影视院线", "sw3": "影视动漫制作", "ind": "影视院线", "fin_source": "tushare", "market": "主板", "list_date": "20100126", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.51, "pe_ttm": null, "pb": 2.7895, "dv_ttm": null, "total_mv": 260997.8453, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-1.8, 18.8, 23.0, 7.9, 18.3, 4.0], "rev_series": [6.7, 4.1, 4.7, 4.6, 3.7, 4.0], "np_series": [-3.5, -2.3, 0.5, 0.3, 0.3, -0.2], "roe_series": [-25.5, -23.3, 5.4, 2.9, 3.1, -1.8], "period": "20260630", "rev_ttm": 2.3, "np_ttm": -0.3, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.5, "ocf_yield": -0.5, "gm_median": 18.3, "gm_std": 7.2, "gm_stab": 0.61, "gm_chg_2022": 24.7, "npm_median": 5.9, "roe_median": 2.9, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 2.79, "capex_dep": 0.0, "interest_debt": 1.9, "debt_ebitda": null, "debt_ratio": 38.2, "debt_mv": 7.2, "payout": null, "div_years": 0, "rev_cagr3": -5.2, "np_cagr3": null, "rev_yoy": -90.0, "np_yoy": -44.0, "np_vol": 92.7, "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", 34.0], ["影视剧业", 33.0], ["影视剧", 33.0], ["其他业务", 1.0]], "ret_prev_year": 15.5, "ret_prev2_year": -5.2, "ret_ytd": -23.0, "ret_pivot": 7.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 14.3, "ret_120": -16.6, "ret_250": -38.5, "mdd_250": -50.6, "vol_250": 39.2, "pos_52w": 62.9}, "S": {"duration": 100, "pricing": 42, "hard": 0, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 38%,有息负债 2 亿,经营现金流/市值 -0.5%: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 0%,毛利率近 5 年中位 18.3%。", "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 -0.5%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.3%,稳定度 61%,2020→2022 成本通胀期毛利率变化 24.7 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 0%。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 -38%,最大回撤 -51%,年化波动 39%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 8% / 14% / -17%。", "行业对照": ["同申万二级「影视院线」19 家中位:PE 84.8 / 股息率 0.3% / 毛利率 22.8% / 固定资产占比 6% / 分红率 40%。", "慈文传媒:PE ;股息率 ;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}