{"F": {"ts_code": "002482.SZ", "name": "广田集团", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "装修装饰Ⅱ", "sw3": "装修装饰Ⅲ", "ind": "装修装饰Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20100929", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.32, "pe_ttm": null, "pb": 11.6574, "dv_ttm": null, "total_mv": 495127.0368, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.8, 6.4, -44.4, -34.1, 6.5, 6.7], "rev_series": [122.5, 80.4, 35.6, 10.0, 7.6, 16.0], "np_series": [-7.8, -55.9, -53.1, 21.3, -2.0, -1.3], "roe_series": [-11.9, -165.1, null, null, -29.7, -25.5], "period": "20260630", "rev_ttm": 20.3, "np_ttm": -1.1, "ocf_ttm": 2.2, "fcf_ttm": 2.1, "fcf_yield": 4.3, "ocf_yield": 4.4, "gm_median": 6.4, "gm_std": 22.7, "gm_stab": -2.54, "gm_chg_2022": -57.2, "npm_median": -26.5, "roe_median": -29.7, "commodity": false, "hard_ratio": 25.0, "fix_assets": 7.5, "goodwill_ratio": 0.0, "pb_calc": 11.66, "capex_dep": 0.11, "interest_debt": 12.4, "debt_ebitda": null, "debt_ratio": 85.9, "debt_mv": 25.1, "payout": null, "div_years": 0, "rev_cagr3": -23.4, "np_cagr3": null, "rev_yoy": 80.8, "np_yoy": 36.4, "np_vol": 264.2, "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", 34.0], ["装饰施工", 32.0], ["装饰工程施工", 32.0], ["装饰设计", 1.0]], "ret_prev_year": -21.8, "ret_prev2_year": 0.9, "ret_ytd": -21.9, "ret_pivot": -12.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.6, "ret_60": -6.4, "ret_120": -26.3, "ret_250": -28.6, "mdd_250": -43.3, "vol_250": 31.7, "pos_52w": 63.5}, "S": {"duration": 100, "pricing": 7, "hard": 40, "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 -1.1 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 86%,有息负债 12 亿,经营现金流/市值 4.4%: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 25%,毛利率近 5 年中位 6.4%。", "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 4.3%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.4%,稳定度 -254%,2020→2022 成本通胀期毛利率变化 -57.2 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 25%,资本开支/折旧 0.11 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 -29%,最大回撤 -43%,年化波动 32%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 6% / -6% / -26%。", "行业对照": ["同申万二级「装修装饰Ⅱ」22 家中位:PE 49.6 / 股息率 2.4% / 毛利率 12.9% / 固定资产占比 8% / 分红率 28%。", "广田集团:PE ;股息率 ;毛利率 比行业中位低 6.5个百分点;固定资产占比 比行业中位高 16.7个百分点。"]}}