{"F": {"ts_code": "002739.SZ", "name": "儒意电影", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "影视院线", "sw3": "院线", "ind": "影视院线", "fin_source": "tushare", "market": "主板", "list_date": "20150122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.46, "pe_ttm": null, "pb": 2.4877, "dv_ttm": null, "total_mv": 1786564.7802, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-10.6, 27.2, 17.0, 27.7, 22.5, 26.2], "rev_series": [63.0, 124.9, 97.0, 146.2, 123.6, 126.5], "np_series": [-66.7, 1.1, -19.2, 9.1, -9.4, 5.1], "roe_series": [-55.6, 1.1, -24.0, 12.1, -12.6, 7.1], "period": "20260630", "rev_ttm": 110.5, "np_ttm": -1.8, "ocf_ttm": 14.3, "fcf_ttm": 9.9, "fcf_yield": 5.5, "ocf_yield": 8.0, "gm_median": 26.2, "gm_std": 4.0, "gm_stab": 0.85, "gm_chg_2022": 27.6, "npm_median": 0.9, "roe_median": 1.1, "commodity": false, "hard_ratio": 6.4, "fix_assets": 14.0, "goodwill_ratio": 18.1, "pb_calc": 2.49, "capex_dep": 0.45, "interest_debt": 102.0, "debt_ebitda": 4.7, "debt_ratio": 66.5, "debt_mv": 57.1, "payout": null, "div_years": 0, "rev_cagr3": 9.3, "np_cagr3": null, "rev_yoy": -23.9, "np_yoy": -128.9, "np_vol": 794.5, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 8, "fwd_pe": 22.0, "fwd_pe2": 15.5, "fwd_g1": null, "fwd_g2": 42.0, "peg": 0.52, "consensus_disp": null, "mainbz": [["产品", 34.0], ["观影及餐饮、商品销售收入", 24.0], ["电影放映及餐饮商品销售收入", 24.0], ["其他主营业务", 4.0]], "ret_prev_year": -6.8, "ret_prev2_year": -6.8, "ret_ytd": -25.3, "ret_pivot": -7.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": 3.3, "ret_120": -15.7, "ret_250": -27.4, "mdd_250": -42.5, "vol_250": 45.5, "pos_52w": 61.0}, "S": {"duration": 100, "pricing": 54, "hard": 10, "bondness": 25}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -1.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 66%,有息负债 102 亿,经营现金流/市值 8.0%: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 6%,毛利率近 5 年中位 26.2%。", "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 5.5%(经营现金流/市值 8.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.2%,稳定度 85%,2020→2022 成本通胀期毛利率变化 27.6 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 6%,资本开支/折旧 0.45 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 -27%,最大回撤 -42%,年化波动 46%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -6% / 3% / -16%。", "行业对照": ["同申万二级「影视院线」19 家中位:PE 84.8 / 股息率 0.3% / 毛利率 22.8% / 固定资产占比 6% / 分红率 40%。", "儒意电影:PE ;股息率 ;毛利率 比行业中位高 3.4个百分点;固定资产占比 与行业中位持平。"]}}