{"F": {"ts_code": "002634.SZ", "name": "*ST棒杰", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "非运动服装", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20111205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.18, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 192009.345, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.7, 23.9, 25.6, 8.3, -0.5, 15.6], "rev_series": [6.3, 6.1, 6.1, 7.6, 11.1, 5.7], "np_series": [0.6, 0.6, 0.7, -0.9, -6.7, -9.9], "roe_series": [8.5, 7.1, 8.4, -8.8, -96.4, null], "period": "20260630", "rev_ttm": 5.1, "np_ttm": -11.2, "ocf_ttm": -0.4, "fcf_ttm": -0.6, "fcf_yield": -3.0, "ocf_yield": -2.3, "gm_median": 15.6, "gm_std": 9.8, "gm_stab": 0.37, "gm_chg_2022": -3.1, "npm_median": -19.6, "roe_median": -0.9, "commodity": false, "hard_ratio": 22.0, "fix_assets": 1.7, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.17, "interest_debt": 3.0, "debt_ebitda": null, "debt_ratio": 152.8, "debt_mv": 15.9, "payout": null, "div_years": 0, "rev_cagr3": -2.3, "np_cagr3": null, "rev_yoy": -20.7, "np_yoy": -87.4, "np_vol": 254.4, "loss_years": 3, "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", 49.0], ["无缝服装", 46.0], ["其他收入", 2.0], ["其他", 1.0]], "ret_prev_year": 50.3, "ret_prev2_year": -47.5, "ret_ytd": -26.0, "ret_pivot": 51.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": -11.6, "ret_120": -39.1, "ret_250": -13.5, "mdd_250": -63.7, "vol_250": 61.1, "pos_52w": 43.2}, "S": {"duration": 100, "pricing": 26, "hard": 35, "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 -11.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 153%,有息负债 3 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 22%,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 -3.0%(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 15.6%,稳定度 37%,2020→2022 成本通胀期毛利率变化 -3.1 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 22%,资本开支/折旧 0.17 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 -14%,最大回撤 -64%,年化波动 61%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 1% / -12% / -39%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "*ST棒杰:PE ;股息率 ;毛利率 比行业中位低 25.9个百分点;固定资产占比 比行业中位高 7.9个百分点。"]}}