{"F": {"ts_code": "002731.SZ", "name": "*ST萃华", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "饰品", "sw3": "钟表珠宝", "ind": "饰品", "fin_source": "tushare", "market": "主板", "list_date": "20141104", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": null, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": null, "trade_date": null, "years": ["20191231", "20201231", "20211231", "20221231", "20231231", "20241231"], "multi_year": true, "gm_series": [16.8, 14.4, 7.0, 5.6, 8.5, 10.3], "rev_series": [22.7, 21.1, 36.8, 42.1, 45.6, 44.4], "np_series": [0.4, 0.3, 0.3, 0.5, 1.7, 2.2], "roe_series": [3.1, 2.3, 2.7, 3.6, 12.1, 13.4], "period": "20250930", "rev_ttm": 45.0, "np_ttm": 2.7, "ocf_ttm": -0.2, "fcf_ttm": -0.8, "fcf_yield": null, "ocf_yield": null, "gm_median": 8.5, "gm_std": 3.0, "gm_stab": 0.64, "gm_chg_2022": -8.8, "npm_median": 1.3, "roe_median": 3.6, "commodity": false, "hard_ratio": 12.7, "fix_assets": 8.0, "goodwill_ratio": 5.7, "pb_calc": null, "capex_dep": 1.14, "interest_debt": 21.5, "debt_ebitda": 6.5, "debt_ratio": 68.8, "debt_mv": null, "payout": 10.6, "div_years": 5, "rev_cagr3": 6.4, "np_cagr3": 85.2, "rev_yoy": 1.7, "np_yoy": 49.0, "np_vol": 102.8, "loss_years": 0, "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", 50.0], ["黄金产品", 36.0], ["锂产品及加工", 11.0], ["其他", 3.0]], "ret_prev_year": 35.1, "ret_prev2_year": -14.7, "ret_ytd": -93.9, "ret_pivot": -89.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -55.0, "ret_60": -82.3, "ret_120": -90.2, "ret_250": -94.4, "mdd_250": -95.3, "vol_250": 65.7, "pos_52w": 4.7}, "S": {"duration": 100, "pricing": 30, "hard": 20, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE —、股息率 —、毛利率近 5 年中位 8.5%、固定资产占比 13%、有息负债/EBITDA 6.5 倍:四轴都不突出。"], "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 8.5%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 —(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.5%,稳定度 64%,2020→2022 成本通胀期毛利率变化 -8.8 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%,资本开支/折旧 1.14 倍。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 -94%,最大回撤 -95%,年化波动 66%,现价在 52 周高点的 5%;近 20 / 60 / 120 日 -55% / -82% / -90%。", "行业对照": ["同申万二级「饰品」15 家中位:PE 57.4 / 股息率 2.0% / 毛利率 15.0% / 固定资产占比 3% / 分红率 59%。", "*ST萃华: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 10.1个百分点。"]}}