{"F": {"ts_code": "300027.SZ", "name": "ST华谊", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "影视院线", "sw3": "影视动漫制作", "ind": "影视院线", "fin_source": "tushare", "market": "创业板", "list_date": "20091030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.8, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 499411.062, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 34.8, -7.3, 34.2, 35.0, 30.6], "rev_series": [15.0, 14.0, 4.0, 6.7, 4.7, 3.1], "np_series": [-10.5, -2.5, -9.8, -5.4, -2.8, -3.3], "roe_series": [-28.2, -9.1, -54.6, -55.4, -54.9, -171.8], "period": "20260630", "rev_ttm": 2.4, "np_ttm": -3.0, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.4, "ocf_yield": -0.3, "gm_median": 34.2, "gm_std": 16.5, "gm_stab": 0.52, "gm_chg_2022": -45.3, "npm_median": -78.7, "roe_median": -54.9, "commodity": false, "hard_ratio": 6.6, "fix_assets": 1.4, "goodwill_ratio": 2.7, "pb_calc": null, "capex_dep": 0.03, "interest_debt": 8.8, "debt_ebitda": null, "debt_ratio": 100.3, "debt_mv": 17.7, "payout": null, "div_years": 0, "rev_cagr3": -8.4, "np_cagr3": null, "rev_yoy": -44.1, "np_yoy": 51.1, "np_vol": 138.1, "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], ["影视娱乐", 50.0], ["品牌授权及实景娱乐", 0.0]], "ret_prev_year": -17.2, "ret_prev2_year": -2.2, "ret_ytd": -17.1, "ret_pivot": -8.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": 3.4, "ret_120": 5.9, "ret_250": -38.8, "mdd_250": -50.5, "vol_250": 53.6, "pos_52w": 61.0}, "S": {"duration": 100, "pricing": 39, "hard": 11, "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 -3.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 100%,有息负债 9 亿,经营现金流/市值 -0.3%: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 7%,毛利率近 5 年中位 34.2%。", "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 -0.4%(经营现金流/市值 -0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.2%,稳定度 52%,2020→2022 成本通胀期毛利率变化 -45.3 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 7%,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 -39%,最大回撤 -50%,年化波动 54%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 0% / 3% / 6%。", "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%。", "ST华谊:PE ;股息率 ;毛利率 比行业中位高 11.4个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}