{"F": {"ts_code": "002650.SZ", "name": "ST加加", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "调味发酵品Ⅱ", "sw3": "调味发酵品Ⅲ", "ind": "调味发酵品Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20120106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.96, "pe_ttm": null, "pb": 3.6357, "dv_ttm": null, "total_mv": 659821.9448, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.1, 20.1, 20.6, 18.7, 23.4, 26.0], "rev_series": [20.7, 17.5, 16.9, 14.5, 13.0, 12.2], "np_series": [1.8, -0.8, -0.8, -1.9, -2.4, -1.5], "roe_series": [7.2, -3.1, -3.2, -8.7, -12.2, -8.2], "period": "20260630", "rev_ttm": 12.0, "np_ttm": -1.1, "ocf_ttm": 1.6, "fcf_ttm": 1.4, "fcf_yield": 2.2, "ocf_yield": 2.4, "gm_median": 20.6, "gm_std": 2.6, "gm_stab": 0.87, "gm_chg_2022": -8.5, "npm_median": -12.1, "roe_median": -8.2, "commodity": false, "hard_ratio": 54.4, "fix_assets": 11.5, "goodwill_ratio": 0.0, "pb_calc": 3.64, "capex_dep": 0.15, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 14.4, "debt_mv": 0.0, "payout": null, "div_years": 1, "rev_cagr3": -10.3, "np_cagr3": null, "rev_yoy": -1.9, "np_yoy": 397.4, "np_vol": 75.2, "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", 33.0], ["酱油类", 20.0], ["酱油", 20.0], ["食用植物油", 6.0]], "ret_prev_year": 36.6, "ret_prev2_year": 15.9, "ret_ytd": -7.7, "ret_pivot": 179.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.0, "ret_60": -18.0, "ret_120": -8.0, "ret_250": -8.7, "mdd_250": -36.2, "vol_250": 37.6, "pos_52w": 71.0}, "S": {"duration": 100, "pricing": 44, "hard": 87, "bondness": 20}, "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 5 年;PE 为负,估值指标失真。", "资产负债率 14%,有息负债 0 亿,经营现金流/市值 2.4%: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": "只占硬资产一条(占比 54%),没有定价权:毛利率近 5 年中位 20.6%,稳定度 87%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 2.2%(经营现金流/市值 2.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.6%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -8.5 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 54%,资本开支/折旧 0.15 倍。涨。"], ["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 -9%,最大回撤 -36%,年化波动 38%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -6% / -18% / -8%。", "行业对照": ["同申万二级「调味发酵品Ⅱ」15 家中位:PE 27.1 / 股息率 2.4% / 毛利率 34.4% / 固定资产占比 39% / 分红率 67%。", "ST加加:PE ;股息率 ;毛利率 比行业中位低 13.8个百分点;固定资产占比 比行业中位高 15.7个百分点。"]}}