{"F": {"ts_code": "300621.SZ", "name": "维业股份", "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": "20170316", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.41, "pe_ttm": null, "pb": 3.7693, "dv_ttm": null, "total_mv": 154170.0147, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.6, 6.6, 5.1, 5.2, 6.2, 2.6], "rev_series": [21.1, 100.2, 147.8, 155.3, 117.7, 86.8], "np_series": [0.5, 0.4, 0.1, 0.1, 0.1, -4.1], "roe_series": [4.7, 3.9, 0.8, 1.0, 1.0, -57.1], "period": "20260630", "rev_ttm": 71.1, "np_ttm": -5.4, "ocf_ttm": -3.8, "fcf_ttm": -3.8, "fcf_yield": -24.6, "ocf_yield": -24.5, "gm_median": 5.2, "gm_std": 1.4, "gm_stab": 0.73, "gm_chg_2022": -8.5, "npm_median": 0.1, "roe_median": 1.0, "commodity": false, "hard_ratio": 1.7, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 3.77, "capex_dep": 0.12, "interest_debt": 13.2, "debt_ebitda": null, "debt_ratio": 97.0, "debt_mv": 85.5, "payout": 25.0, "div_years": 3, "rev_cagr3": -16.3, "np_cagr3": null, "rev_yoy": -39.0, "np_yoy": -1271.9, "np_vol": 2004.3, "loss_years": 1, "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", 38.0], ["装饰施工业务", 23.0], ["装饰施工", 23.0], ["土建施工", 13.0]], "ret_prev_year": -11.5, "ret_prev2_year": -17.2, "ret_ytd": -11.9, "ret_pivot": 2.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": 5.1, "ret_120": -19.2, "ret_250": -24.6, "mdd_250": -41.1, "vol_250": 36.4, "pos_52w": 75.2}, "S": {"duration": 100, "pricing": 32, "hard": 3, "bondness": 32}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -5.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 97%,有息负债 13 亿,经营现金流/市值 -24.5%: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 2%,毛利率近 5 年中位 5.2%。", "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 -24.6%(经营现金流/市值 -24.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.2%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -8.5 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 2%,资本开支/折旧 0.12 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 -25%,最大回撤 -41%,年化波动 36%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 5% / 5% / -19%。", "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%。", "维业股份:PE ;股息率 ;毛利率 比行业中位低 7.7个百分点;固定资产占比 比行业中位低 6.6个百分点。"]}}