{"F": {"ts_code": "002798.SZ", "name": "帝欧水华", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "瓷砖地板", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20160525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.62, "pe_ttm": null, "pb": 1.9854, "dv_ttm": null, "total_mv": 388934.7314, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.5, 26.1, 17.6, 23.0, 19.7, 24.3], "rev_series": [56.4, 61.5, 41.1, 37.6, 27.4, 22.9], "np_series": [5.7, 0.7, -15.1, -6.6, -5.7, -5.3], "roe_series": [14.3, 1.6, -40.9, -26.2, -29.9, -32.2], "period": "20260630", "rev_ttm": 20.7, "np_ttm": -4.8, "ocf_ttm": 2.3, "fcf_ttm": 1.1, "fcf_yield": 3.0, "ocf_yield": 5.8, "gm_median": 23.0, "gm_std": 3.1, "gm_stab": 0.87, "gm_chg_2022": -12.9, "npm_median": -20.8, "roe_median": -29.9, "commodity": false, "hard_ratio": 29.7, "fix_assets": 15.0, "goodwill_ratio": 0.0, "pb_calc": 1.9, "capex_dep": 0.52, "interest_debt": 18.9, "debt_ebitda": null, "debt_ratio": 59.6, "debt_mv": 48.5, "payout": null, "div_years": 1, "rev_cagr3": -17.7, "np_cagr3": null, "rev_yoy": -18.9, "np_yoy": 65.2, "np_vol": 913.2, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": 220.7, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["陶瓷墙地砖", 38.0], ["卫浴产品", 8.0], ["亚克力板", 4.0]], "ret_prev_year": 30.8, "ret_prev2_year": -33.1, "ret_ytd": 15.5, "ret_pivot": 110.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.2, "ret_60": 6.8, "ret_120": 3.0, "ret_250": -5.2, "mdd_250": -43.9, "vol_250": 44.1, "pos_52w": 78.1}, "S": {"duration": 100, "pricing": 46, "hard": 48, "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 -4.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 60%,有息负债 19 亿,经营现金流/市值 5.8%: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 30%,毛利率近 5 年中位 23.0%。", "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 3.0%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.0%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -12.9 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 30%,资本开支/折旧 0.52 倍。有一些。"], ["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 -5%,最大回撤 -44%,年化波动 44%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 18% / 7% / 3%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "帝欧水华:PE ;股息率 ;毛利率 比行业中位低 5.3个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}