{"F": {"ts_code": "002856.SZ", "name": "*ST美芝", "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": "20170320", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.35, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 275361.548, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.4, -15.6, 6.3, -5.0, -12.5, -11.2], "rev_series": [12.5, 5.9, 16.7, 8.8, 7.0, 3.5], "np_series": [0.2, -1.6, -1.4, -1.7, -2.6, -2.1], "roe_series": [2.1, -21.6, -23.9, -39.0, -111.3, -793.8], "period": "20260630", "rev_ttm": 3.5, "np_ttm": -2.1, "ocf_ttm": -1.2, "fcf_ttm": -1.2, "fcf_yield": -4.3, "ocf_yield": -4.3, "gm_median": -11.2, "gm_std": 7.8, "gm_stab": 1.69, "gm_chg_2022": -3.1, "npm_median": -27.4, "roe_median": -39.0, "commodity": false, "hard_ratio": 0.8, "fix_assets": 0.1, "goodwill_ratio": 2.0, "pb_calc": null, "capex_dep": 0.03, "interest_debt": 0.8, "debt_ebitda": null, "debt_ratio": 102.6, "debt_mv": 2.8, "payout": null, "div_years": 0, "rev_cagr3": -40.4, "np_cagr3": null, "rev_yoy": -4.4, "np_yoy": 13.6, "np_vol": 454.8, "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", 50.0], ["建筑工程施工", 27.0], ["装饰装修", 22.0], ["装饰设计", 0.0]], "ret_prev_year": 28.1, "ret_prev2_year": -38.5, "ret_ytd": 72.3, "ret_pivot": 178.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 37.2, "ret_60": -20.4, "ret_120": 49.1, "ret_250": 73.8, "mdd_250": -55.9, "vol_250": 64.6, "pos_52w": 75.4}, "S": {"duration": 100, "pricing": 40, "hard": 1, "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 -2.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 103%,有息负债 1 亿,经营现金流/市值 -4.3%: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 1%,毛利率近 5 年中位 -11.2%。", "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 -4.3%(经营现金流/市值 -4.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -11.2%,稳定度 169%,2020→2022 成本通胀期毛利率变化 -3.1 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 1%,资本开支/折旧 0.03 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 74%,最大回撤 -56%,年化波动 65%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 37% / -20% / 49%。", "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美芝:PE ;股息率 ;毛利率 比行业中位低 24.1个百分点;固定资产占比 比行业中位低 7.5个百分点。"]}}