{"F": {"ts_code": "002713.SZ", "name": "东易日盛", "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": "20140219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.18, "pe_ttm": 116.78, "pb": 8.3364, "dv_ttm": null, "total_mv": 873389.9736, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.3, 35.0, 29.3, 35.1, 27.9, 38.1], "rev_series": [34.5, 42.9, 25.2, 29.3, 13.0, 6.9], "np_series": [1.8, 0.8, -7.5, -2.1, -11.7, 0.4], "roe_series": [22.3, 8.3, -127.2, -154.5, null, null], "period": "20260630", "rev_ttm": 7.1, "np_ttm": 0.7, "ocf_ttm": -1.2, "fcf_ttm": -1.3, "fcf_yield": -1.5, "ocf_yield": -1.4, "gm_median": 35.0, "gm_std": 3.8, "gm_stab": 0.89, "gm_chg_2022": -6.9, "npm_median": -6.2, "roe_median": -127.2, "commodity": false, "hard_ratio": 8.0, "fix_assets": 1.5, "goodwill_ratio": 5.3, "pb_calc": 8.34, "capex_dep": 0.64, "interest_debt": 0.7, "debt_ebitda": null, "debt_ratio": 36.5, "debt_mv": 0.8, "payout": 0.0, "div_years": 0, "rev_cagr3": -35.1, "np_cagr3": null, "rev_yoy": 5.1, "np_yoy": 74.5, "np_vol": 434.9, "loss_years": 3, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 39.0], ["装修装饰工程收入", 19.0], ["工程收入", 19.0], ["算力中心集成业务", 11.0]], "ret_prev_year": 405.3, "ret_prev2_year": -39.1, "ret_ytd": 2.2, "ret_pivot": 760.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.7, "ret_60": -10.3, "ret_120": -15.2, "ret_250": 339.2, "mdd_250": -47.8, "vol_250": 97.3, "pos_52w": 60.7}, "S": {"duration": 95, "pricing": 52, "hard": 13, "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 0.7 亿,近 5 年亏损 3 年;PE 117 倍(盈利极薄),估值指标失真。", "资产负债率 36%,有息负债 1 亿,经营现金流/市值 -1.4%: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": "只占定价权一条(毛利率 35.0%),硬资产占比 8%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -1.5%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.0%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -6.9 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 8%,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 116.8 倍 粗算,约 96%(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 339%,最大回撤 -48%,年化波动 97%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -6% / -10% / -15%。", "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%。", "东易日盛:PE 比行业中位高 67.2倍;股息率 ;毛利率 比行业中位高 22.1个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}