{"F": {"ts_code": "002822.SZ", "name": "ST中装", "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": "20161129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.1, "pe_ttm": null, "pb": 5.6685, "dv_ttm": null, "total_mv": 604500.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.1, 14.7, 12.8, 1.6, -28.1, -2.8], "rev_series": [55.8, 62.8, 52.1, 38.6, 23.2, 7.7], "np_series": [2.5, 1.0, 0.1, -7.0, -17.9, -31.7], "roe_series": [8.1, 2.9, 0.3, -22.1, -91.4, -290.0], "period": "20260630", "rev_ttm": 6.3, "np_ttm": -27.9, "ocf_ttm": -0.3, "fcf_ttm": -0.3, "fcf_yield": -0.5, "ocf_yield": -0.4, "gm_median": 1.6, "gm_std": 15.4, "gm_stab": -8.6, "gm_chg_2022": -4.2, "npm_median": -18.7, "roe_median": -22.1, "commodity": false, "hard_ratio": 23.0, "fix_assets": 3.4, "goodwill_ratio": 7.1, "pb_calc": 5.67, "capex_dep": 0.08, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 25.6, "debt_mv": 0.4, "payout": null, "div_years": 1, "rev_cagr3": -47.2, "np_cagr3": null, "rev_yoy": -34.1, "np_yoy": 94.4, "np_vol": 2514.7, "loss_years": 3, "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", 33.0], ["物业管理服务业务", 32.0], ["物业管理及配套服务", 32.0], ["其他收入", 1.0]], "ret_prev_year": 96.1, "ret_prev2_year": -7.3, "ret_ytd": -20.9, "ret_pivot": 208.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": 17.9, "ret_120": -8.3, "ret_250": 85.7, "mdd_250": -40.9, "vol_250": 107.8, "pos_52w": 76.9}, "S": {"duration": 100, "pricing": 5, "hard": 37, "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 -27.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 0 亿,经营现金流/市值 -0.4%: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 23%,毛利率近 5 年中位 1.6%。", "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 -0.5%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 1.6%,稳定度 -860%,2020→2022 成本通胀期毛利率变化 -4.2 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 23%,资本开支/折旧 0.08 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 86%,最大回撤 -41%,年化波动 108%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -3% / 18% / -8%。", "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中装:PE ;股息率 ;毛利率 比行业中位低 11.3个百分点;固定资产占比 比行业中位高 14.7个百分点。"]}}