{"F": {"ts_code": "002789.SZ", "name": "*ST建艺", "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": "20160311", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.8, "pe_ttm": null, "pb": 33.2156, "dv_ttm": null, "total_mv": 204318.208, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.6, 12.5, 17.2, 12.1, 11.0, 5.1], "rev_series": [22.7, 19.5, 21.7, 62.0, 62.5, 35.9], "np_series": [-0.2, -9.8, 0.1, -5.6, -8.3, -7.5], "roe_series": [-2.2, -168.1, 7.1, -560.1, null, null], "period": "20260630", "rev_ttm": 26.6, "np_ttm": -7.1, "ocf_ttm": 0.6, "fcf_ttm": 0.4, "fcf_yield": 2.1, "ocf_yield": 2.9, "gm_median": 12.1, "gm_std": 3.9, "gm_stab": 0.68, "gm_chg_2022": 0.6, "npm_median": -12.9, "roe_median": -168.1, "commodity": false, "hard_ratio": 8.0, "fix_assets": 5.5, "goodwill_ratio": 4.0, "pb_calc": 33.22, "capex_dep": 0.28, "interest_debt": 9.9, "debt_ebitda": null, "debt_ratio": 95.7, "debt_mv": 48.3, "payout": null, "div_years": 0, "rev_cagr3": 18.4, "np_cagr3": null, "rev_yoy": -47.4, "np_yoy": 23.8, "np_vol": 2258.3, "loss_years": 4, "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", 46.0], ["建筑工程", 37.0], ["装饰工程", 6.0], ["建筑装饰施工业务", 6.0]], "ret_prev_year": 14.5, "ret_prev2_year": -33.5, "ret_ytd": 22.1, "ret_pivot": 49.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 30.2, "ret_60": -1.5, "ret_120": 17.3, "ret_250": 46.8, "mdd_250": -45.7, "vol_250": 53.9, "pos_52w": 86.1}, "S": {"duration": 100, "pricing": 38, "hard": 13, "bondness": 5}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -7.1 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 96%,有息负债 10 亿,经营现金流/市值 2.9%: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 8%,毛利率近 5 年中位 12.1%。", "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 2.1%(经营现金流/市值 2.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.1%,稳定度 68%,2020→2022 成本通胀期毛利率变化 0.6 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 8%,资本开支/折旧 0.28 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 47%,最大回撤 -46%,年化波动 54%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 30% / -2% / 17%。", "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%。", "*ST建艺:PE ;股息率 ;毛利率 比行业中位低 0.8个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}