{"F": {"ts_code": "002374.SZ", "name": "中锐股份", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "包装印刷", "sw3": "金属包装", "ind": "包装印刷", "fin_source": "tushare", "market": "主板", "list_date": "20100318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.12, "pe_ttm": null, "pb": 6.6299, "dv_ttm": null, "total_mv": 338585.3016, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.2, -5.7, 21.0, 20.0, 15.6, 13.5], "rev_series": [6.2, 6.8, 8.4, 7.1, 6.4, 5.6], "np_series": [-1.8, -6.6, -6.9, -1.6, -2.6, -2.6], "roe_series": [-7.0, -27.9, -40.5, -12.6, -24.1, -31.5], "period": "20260630", "rev_ttm": 5.3, "np_ttm": -3.1, "ocf_ttm": 0.2, "fcf_ttm": -0.1, "fcf_yield": -0.3, "ocf_yield": 0.6, "gm_median": 15.6, "gm_std": 9.7, "gm_stab": 0.38, "gm_chg_2022": 11.8, "npm_median": -46.7, "roe_median": -27.9, "commodity": false, "hard_ratio": 14.4, "fix_assets": 4.2, "goodwill_ratio": 0.0, "pb_calc": 6.63, "capex_dep": 0.64, "interest_debt": 9.2, "debt_ebitda": null, "debt_ratio": 84.7, "debt_mv": 27.2, "payout": null, "div_years": 0, "rev_cagr3": -12.8, "np_cagr3": null, "rev_yoy": -10.3, "np_yoy": -74.7, "np_vol": 117.3, "loss_years": 5, "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", 32.0], ["防伪瓶盖", 32.0], ["防伪包装物", 32.0], ["其他产品", 3.0]], "ret_prev_year": 31.4, "ret_prev2_year": -26.7, "ret_ytd": -13.3, "ret_pivot": 81.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.3, "ret_60": -2.5, "ret_120": -8.0, "ret_250": 9.9, "mdd_250": -37.5, "vol_250": 54.0, "pos_52w": 74.1}, "S": {"duration": 100, "pricing": 32, "hard": 23, "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 -3.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 85%,有息负债 9 亿,经营现金流/市值 0.6%: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 14%,毛利率近 5 年中位 15.6%。", "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 -0.3%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.6%,稳定度 38%,2020→2022 成本通胀期毛利率变化 11.8 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 14%,资本开支/折旧 0.64 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 -38%,年化波动 54%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -4% / -2% / -8%。", "行业对照": ["同申万二级「包装印刷」46 家中位:PE 38.9 / 股息率 1.5% / 毛利率 20.3% / 固定资产占比 33% / 分红率 50%。", "中锐股份:PE ;股息率 ;毛利率 比行业中位低 4.7个百分点;固定资产占比 比行业中位低 18.4个百分点。"]}}