{"F": {"ts_code": "300506.SZ", "name": "名家汇", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "装修装饰Ⅱ", "sw3": "装修装饰Ⅲ", "ind": "装修装饰Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20160324", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.0, "pe_ttm": null, "pb": 5.2946, "dv_ttm": null, "total_mv": 712798.3, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.1, 13.8, -13.9, 24.8, 23.1, 10.3], "rev_series": [5.1, 5.5, 1.2, 0.8, 1.2, 1.8], "np_series": [-3.5, -5.4, -4.7, -3.8, -1.3, -0.7], "roe_series": [-20.9, -45.1, -60.4, -113.3, -108.9, -9.2], "period": "20260630", "rev_ttm": 1.7, "np_ttm": -0.2, "ocf_ttm": -0.8, "fcf_ttm": -0.9, "fcf_yield": -1.2, "ocf_yield": -1.2, "gm_median": 13.8, "gm_std": 13.9, "gm_stab": -0.0, "gm_chg_2022": -43.9, "npm_median": -112.1, "roe_median": -60.4, "commodity": false, "hard_ratio": 9.8, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 5.29, "capex_dep": 0.79, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 8.9, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": 13.5, "np_cagr3": null, "rev_yoy": -28.6, "np_yoy": 58.7, "np_vol": 40.8, "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": [["工程施工", 56.0], ["销售产品", 16.0], ["产品销售", 16.0], ["其他业务", 8.0]], "ret_prev_year": 167.4, "ret_prev2_year": -34.6, "ret_ytd": 19.0, "ret_pivot": 361.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.5, "ret_60": 17.1, "ret_120": -2.2, "ret_250": 166.2, "mdd_250": -23.9, "vol_250": 106.3, "pos_52w": 76.1}, "S": {"duration": 100, "pricing": 11, "hard": 16, "bondness": 10}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 9%,有息负债 0 亿,经营现金流/市值 -1.2%: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 10%,毛利率近 5 年中位 13.8%。", "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 -1.2%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.8%,稳定度 0%,2020→2022 成本通胀期毛利率变化 -43.9 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 10%,资本开支/折旧 0.79 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 166%,最大回撤 -24%,年化波动 106%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 -12% / 17% / -2%。", "行业对照": ["同申万二级「装修装饰Ⅱ」22 家中位:PE 49.6 / 股息率 2.4% / 毛利率 12.9% / 固定资产占比 8% / 分红率 28%。", "名家汇:PE ;股息率 ;毛利率 比行业中位高 0.9个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}