{"F": {"ts_code": "002620.SZ", "name": "*ST瑞和", "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": "20110929", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.9, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 222721.46, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.2, 11.9, 13.3, 12.6, 15.6, 20.1], "rev_series": [37.6, 35.2, 21.5, 15.5, 7.8, 4.0], "np_series": [1.5, -18.4, 0.1, -3.7, -1.9, -0.9], "roe_series": [6.1, -118.1, 1.6, -87.4, -134.2, null], "period": "20260630", "rev_ttm": 3.4, "np_ttm": -1.1, "ocf_ttm": 0.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 3.8, "gm_median": 13.3, "gm_std": 3.0, "gm_stab": 0.78, "gm_chg_2022": -1.9, "npm_median": -20.8, "roe_median": -102.8, "commodity": false, "hard_ratio": 12.9, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": null, "interest_debt": 8.9, "debt_ebitda": null, "debt_ratio": 95.2, "debt_mv": 40.0, "payout": null, "div_years": 0, "rev_cagr3": -43.1, "np_cagr3": null, "rev_yoy": -25.6, "np_yoy": -81.0, "np_vol": 1584.7, "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", 45.0], ["住宅装修", 19.0], ["公共装修", 15.0], ["光伏发电", 9.0]], "ret_prev_year": 12.2, "ret_prev2_year": -16.5, "ret_ytd": 17.1, "ret_pivot": 127.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.3, "ret_60": 2.3, "ret_120": -17.1, "ret_250": 19.9, "mdd_250": -62.5, "vol_250": 55.1, "pos_52w": 53.8}, "S": {"duration": 100, "pricing": 40, "hard": 21, "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 95%,有息负债 9 亿,经营现金流/市值 3.8%: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 13%,毛利率近 5 年中位 13.3%。", "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?", "经营现金流/市值 3.8%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.3%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -1.9 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 13%。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 20%,最大回撤 -62%,年化波动 55%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 14% / 2% / -17%。", "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%。", "*ST瑞和:PE ;股息率 ;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位高 4.6个百分点。"]}}