{"F": {"ts_code": "002905.SZ", "name": "金逸影视", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "影视院线", "sw3": "院线", "ind": "影视院线", "fin_source": "tushare", "market": "主板", "list_date": "20171016", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.46, "pe_ttm": null, "pb": 95.9129, "dv_ttm": null, "total_mv": 318366.72, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-40.3, 9.8, -8.6, 24.2, 14.2, 23.6], "rev_series": [5.9, 13.6, 8.6, 13.7, 10.1, 11.5], "np_series": [-5.1, -3.6, -3.8, 0.1, -0.9, 0.3], "roe_series": [-29.5, -36.1, -116.0, 8.9, -78.1, 36.8], "period": "20260630", "rev_ttm": 9.1, "np_ttm": -0.6, "ocf_ttm": 1.7, "fcf_ttm": 1.4, "fcf_yield": 4.5, "ocf_yield": 5.4, "gm_median": 14.2, "gm_std": 11.9, "gm_stab": 0.16, "gm_chg_2022": 31.7, "npm_median": -8.9, "roe_median": -36.1, "commodity": false, "hard_ratio": 11.6, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 95.91, "capex_dep": 0.51, "interest_debt": 15.3, "debt_ebitda": 7.7, "debt_ratio": 98.2, "debt_mv": 48.1, "payout": null, "div_years": 0, "rev_cagr3": 10.3, "np_cagr3": null, "rev_yoy": -38.9, "np_yoy": -264.6, "np_vol": 340.3, "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], ["电影放映收入", 28.0], ["电影放映", 28.0], ["卖品收入", 3.0]], "ret_prev_year": 43.4, "ret_prev2_year": -28.1, "ret_ytd": -25.1, "ret_pivot": 49.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.1, "ret_60": 15.3, "ret_120": -14.5, "ret_250": -13.6, "mdd_250": -56.3, "vol_250": 53.2, "pos_52w": 54.8}, "S": {"duration": 100, "pricing": 24, "hard": 19, "bondness": 25}, "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 3 年;PE 为负,估值指标失真。", "资产负债率 98%,有息负债 15 亿,经营现金流/市值 5.4%: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 12%,毛利率近 5 年中位 14.2%。", "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 4.5%(经营现金流/市值 5.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.2%,稳定度 16%,2020→2022 成本通胀期毛利率变化 31.7 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 12%,资本开支/折旧 0.51 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 -14%,最大回撤 -56%,年化波动 53%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 12% / 15% / -14%。", "行业对照": ["同申万二级「影视院线」19 家中位:PE 84.8 / 股息率 0.3% / 毛利率 22.8% / 固定资产占比 6% / 分红率 40%。", "金逸影视:PE ;股息率 ;毛利率 比行业中位低 8.6个百分点;固定资产占比 比行业中位高 5.2个百分点。"]}}