{"F": {"ts_code": "300291.SZ", "name": "百纳千成", "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": "20120209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.39, "pe_ttm": null, "pb": 2.5093, "dv_ttm": null, "total_mv": 507678.4944, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.2, 18.5, 18.7, 2.5, -6.1, 27.3], "rev_series": [2.8, 8.0, 4.7, 4.3, 7.4, 3.1], "np_series": [1.1, 0.7, 0.2, -1.9, -3.9, -11.0], "roe_series": [3.4, 1.8, 0.6, -5.1, -11.7, -42.5], "period": "20260630", "rev_ttm": 7.3, "np_ttm": -10.8, "ocf_ttm": -0.9, "fcf_ttm": -0.9, "fcf_yield": -1.7, "ocf_yield": -1.7, "gm_median": 18.5, "gm_std": 12.2, "gm_stab": 0.34, "gm_chg_2022": -13.5, "npm_median": -53.3, "roe_median": -5.1, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 2.4, "pb_calc": 2.51, "capex_dep": 0.04, "interest_debt": 1.5, "debt_ebitda": null, "debt_ratio": 37.5, "debt_mv": 2.9, "payout": null, "div_years": 0, "rev_cagr3": -13.1, "np_cagr3": null, "rev_yoy": 313.6, "np_yoy": 85.0, "np_vol": 361.3, "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", 49.0], ["剧集", 37.0], ["营销", 8.0], ["其他业务", 3.0]], "ret_prev_year": 48.9, "ret_prev2_year": -21.9, "ret_ytd": -28.0, "ret_pivot": 34.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": 2.3, "ret_120": -26.6, "ret_250": -17.8, "mdd_250": -57.4, "vol_250": 66.1, "pos_52w": 51.9}, "S": {"duration": 100, "pricing": 25, "hard": 0, "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 -10.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 38%,有息负债 2 亿,经营现金流/市值 -1.7%: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 0%,毛利率近 5 年中位 18.5%。", "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 -1.7%(经营现金流/市值 -1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.5%,稳定度 34%,2020→2022 成本通胀期毛利率变化 -13.5 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 0%,资本开支/折旧 0.04 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 -18%,最大回撤 -57%,年化波动 66%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 2% / 2% / -27%。", "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%。", "百纳千成:PE ;股息率 ;毛利率 比行业中位低 4.3个百分点;固定资产占比 比行业中位低 6.4个百分点。"]}}