{"F": {"ts_code": "002785.SZ", "name": "万里石", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "其他建材", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20151223", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 35.05, "pe_ttm": null, "pb": 9.7081, "dv_ttm": null, "total_mv": 794302.0485, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.8, 11.4, 13.3, 13.9, 11.7, 12.6], "rev_series": [9.5, 11.6, 10.7, 9.8, 12.8, 11.1], "np_series": [0.1, -0.2, -0.3, -0.4, -0.5, -0.8], "roe_series": [1.9, -3.7, -4.8, -4.6, -6.3, -9.8], "period": "20260630", "rev_ttm": 10.3, "np_ttm": -0.6, "ocf_ttm": 1.1, "fcf_ttm": 0.9, "fcf_yield": 1.2, "ocf_yield": 1.4, "gm_median": 12.6, "gm_std": 0.9, "gm_stab": 0.93, "gm_chg_2022": -1.5, "npm_median": -4.4, "roe_median": -4.8, "commodity": false, "hard_ratio": 9.0, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 9.71, "capex_dep": 0.93, "interest_debt": 2.4, "debt_ebitda": null, "debt_ratio": 44.8, "debt_mv": 3.0, "payout": null, "div_years": 0, "rev_cagr3": 1.2, "np_cagr3": null, "rev_yoy": -14.3, "np_yoy": 506.7, "np_vol": 101.7, "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", 39.0], ["建筑装饰石材", 17.0], ["建筑装饰材料", 17.0], ["工程施工", 10.0]], "ret_prev_year": 7.8, "ret_prev2_year": 21.7, "ret_ytd": -0.8, "ret_pivot": 41.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.5, "ret_60": -10.6, "ret_120": -20.9, "ret_250": 11.0, "mdd_250": -45.5, "vol_250": 54.8, "pos_52w": 62.0}, "S": {"duration": 100, "pricing": 45, "hard": 14, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 2 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": "两条都不占:固定资产占比 9%,毛利率近 5 年中位 12.6%。", "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 1.2%(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 12.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -1.5 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 9%,资本开支/折旧 0.93 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 11%,最大回撤 -46%,年化波动 55%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 2% / -11% / -21%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "万里石:PE ;股息率 ;毛利率 比行业中位低 8.1个百分点;固定资产占比 比行业中位低 11.8个百分点。"]}}