{"F": {"ts_code": "300612.SZ", "name": "宣亚国际", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "营销代理", "ind": "广告营销", "fin_source": "tushare", "market": "创业板", "list_date": "20170215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.57, "pe_ttm": null, "pb": 5.23, "dv_ttm": null, "total_mv": 230013.402, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.8, 20.4, 20.7, 17.0, 20.8, 35.0], "rev_series": [6.2, 9.2, 11.1, 10.5, 6.8, 3.5], "np_series": [-0.3, 0.1, 0.5, -0.8, -0.4, -0.7], "roe_series": [-8.2, 3.3, 16.8, -27.0, -9.7, -15.7], "period": "20260630", "rev_ttm": 2.8, "np_ttm": -1.0, "ocf_ttm": 0.6, "fcf_ttm": -0.4, "fcf_yield": -1.8, "ocf_yield": 2.6, "gm_median": 20.7, "gm_std": 6.3, "gm_stab": 0.7, "gm_chg_2022": -1.1, "npm_median": -5.3, "roe_median": -9.7, "commodity": false, "hard_ratio": 17.0, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 5.23, "capex_dep": 62.54, "interest_debt": 0.5, "debt_ebitda": null, "debt_ratio": 29.3, "debt_mv": 2.1, "payout": null, "div_years": 0, "rev_cagr3": -31.9, "np_cagr3": null, "rev_yoy": -38.0, "np_yoy": -276.1, "np_vol": 235.3, "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": [["数字广告服务", 69.0], ["数智营销服务", 31.0], ["数据技术产品服务类收入", 0.0], ["大数据运营产品-技术服务", 0.0]], "ret_prev_year": 12.8, "ret_prev2_year": -17.5, "ret_ytd": -29.4, "ret_pivot": -3.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": 4.5, "ret_120": -20.0, "ret_250": -21.5, "mdd_250": -55.3, "vol_250": 55.7, "pos_52w": 54.5}, "S": {"duration": 100, "pricing": 42, "hard": 27, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 29%,有息负债 0 亿,经营现金流/市值 2.6%: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 17%,毛利率近 5 年中位 20.7%。", "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 -1.8%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -1.1 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 17%,资本开支/折旧 62.54 倍。有一些。"], ["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 -22%,最大回撤 -55%,年化波动 56%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 3% / 4% / -20%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "宣亚国际:PE ;股息率 ;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位高 14.1个百分点。"]}}