{"F": {"ts_code": "300268.SZ", "name": "佳沃食品", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "农产品加工", "sw3": "其他农产品加工", "ind": "农产品加工", "fin_source": "tushare", "market": "创业板", "list_date": "20110927", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.93, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 225240.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-6.2, 6.1, 14.0, -5.4, -10.5, -2.7], "rev_series": [45.3, 46.0, 55.3, 45.1, 34.2, 16.6], "np_series": [-7.1, -2.9, -11.1, -11.5, -9.2, -4.3], "roe_series": [-142.4, -37.0, -673.1, null, null, null], "period": "20260630", "rev_ttm": 8.3, "np_ttm": -0.1, "ocf_ttm": -1.2, "fcf_ttm": -1.2, "fcf_yield": -5.3, "ocf_yield": -5.2, "gm_median": -2.7, "gm_std": 8.7, "gm_stab": 4.23, "gm_chg_2022": 20.3, "npm_median": -29.0, "roe_median": -355.0, "commodity": false, "hard_ratio": 8.0, "fix_assets": 0.6, "goodwill_ratio": 3.7, "pb_calc": 8.3, "capex_dep": 0.08, "interest_debt": 1.7, "debt_ebitda": 4.9, "debt_ratio": 35.5, "debt_mv": 7.6, "payout": null, "div_years": 0, "rev_cagr3": -33.1, "np_cagr3": null, "rev_yoy": -66.1, "np_yoy": 99.1, "np_vol": 128.8, "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": [["狭鳕鱼、北极甜虾等海产品", 50.0], ["海产品", 50.0], ["合计特别调整", 0.0], ["其他业务", 0.0]], "ret_prev_year": 88.2, "ret_prev2_year": -44.9, "ret_ytd": 1.3, "ret_pivot": 105.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.1, "ret_60": 11.7, "ret_120": -9.5, "ret_250": 14.0, "mdd_250": -37.7, "vol_250": 47.4, "pos_52w": 85.7}, "S": {"duration": 100, "pricing": 46, "hard": 13, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 2 亿,经营现金流/市值 -5.2%: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 8%,毛利率近 5 年中位 -2.7%。", "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 -5.3%(经营现金流/市值 -5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -2.7%,稳定度 423%,2020→2022 成本通胀期毛利率变化 20.3 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 8%,资本开支/折旧 0.08 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 -38%,年化波动 47%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 15% / 12% / -10%。", "行业对照": ["同申万二级「农产品加工」26 家中位:PE 39.2 / 股息率 1.5% / 毛利率 11.9% / 固定资产占比 36% / 分红率 44%。", "佳沃食品:PE ;股息率 ;毛利率 比行业中位低 14.6个百分点;固定资产占比 比行业中位低 27.5个百分点。"]}}