{"F": {"ts_code": "300043.SZ", "name": "星辉娱乐", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20100120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.73, "pe_ttm": 24.6226, "pb": 3.4043, "dv_ttm": 1.057, "total_mv": 588505.8432, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.6, 21.4, 21.4, 36.2, 25.7, 57.6], "rev_series": [17.4, 14.1, 16.1, 17.3, 13.6, 20.9], "np_series": [0.3, -6.6, -3.1, 0.3, -4.6, 3.0], "roe_series": [0.9, -26.2, -15.6, 1.5, -27.1, 18.9], "period": "20260630", "rev_ttm": 14.7, "np_ttm": 2.4, "ocf_ttm": 3.0, "fcf_ttm": 2.2, "fcf_yield": 3.8, "ocf_yield": 5.0, "gm_median": 25.7, "gm_std": 13.7, "gm_stab": 0.47, "gm_chg_2022": -18.2, "npm_median": -19.4, "roe_median": -15.6, "commodity": false, "hard_ratio": 21.6, "fix_assets": 5.7, "goodwill_ratio": 13.9, "pb_calc": 3.4, "capex_dep": 1.36, "interest_debt": 7.2, "debt_ebitda": 2.1, "debt_ratio": 35.2, "debt_mv": 12.2, "payout": 41.7, "div_years": 2, "rev_cagr3": 9.2, "np_cagr3": null, "rev_yoy": -54.4, "np_yoy": -40.4, "np_vol": 1166.5, "loss_years": 3, "far_share": 80.0, "earn_yield": 4.1, "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], ["游戏", 30.0], ["车模及婴童用品", 18.0], ["租金", 1.0]], "ret_prev_year": 56.4, "ret_prev2_year": -1.9, "ret_ytd": -15.5, "ret_pivot": 100.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.7, "ret_60": 6.3, "ret_120": -18.7, "ret_250": -2.1, "mdd_250": -47.7, "vol_250": 58.3, "pos_52w": 61.7}, "S": {"duration": 46, "pricing": 33, "hard": 35, "bondness": 38}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 2.4 亿,近 5 年亏损 3 年;PE 25 倍(盈利极薄),估值指标失真。", "资产负债率 35%,有息负债 7 亿,经营现金流/市值 5.0%: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 22%,毛利率近 5 年中位 25.7%。", "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 3.8%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.7%,稳定度 47%,2020→2022 成本通胀期毛利率变化 -18.2 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 22%,资本开支/折旧 1.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.6 倍 粗算,约 80%(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 -2%,最大回撤 -48%,年化波动 58%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -2% / 6% / -19%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "星辉娱乐:PE 与行业中位持平;股息率 与行业中位持平;毛利率 比行业中位低 35.1个百分点;固定资产占比 比行业中位高 17.6个百分点。"]}}