{"F": {"ts_code": "300755.SZ", "name": "华致酒行", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "专业连锁Ⅱ", "sw3": "专业连锁Ⅲ", "ind": "专业连锁Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20190129", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.49, "pe_ttm": null, "pb": 1.7864, "dv_ttm": null, "total_mv": 478901.3616, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.1, 21.0, 14.0, 10.7, 9.0, 6.2], "rev_series": [49.4, 74.6, 87.1, 101.2, 94.6, 59.0], "np_series": [3.7, 6.8, 3.7, 2.4, 0.4, -3.7], "roe_series": [14.0, 21.7, 10.4, 6.3, 1.3, -12.5], "period": "20260630", "rev_ttm": 52.0, "np_ttm": -5.0, "ocf_ttm": 11.3, "fcf_ttm": 11.3, "fcf_yield": 23.7, "ocf_yield": 23.7, "gm_median": 10.7, "gm_std": 5.1, "gm_stab": 0.53, "gm_chg_2022": -5.0, "npm_median": 2.4, "roe_median": 6.3, "commodity": false, "hard_ratio": 5.9, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 1.79, "capex_dep": 0.06, "interest_debt": 3.9, "debt_ebitda": null, "debt_ratio": 25.9, "debt_mv": 8.2, "payout": 598.5, "div_years": 4, "rev_cagr3": -12.2, "np_cagr3": null, "rev_yoy": -17.7, "np_yoy": -230.7, "np_vol": 367.8, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 4, "fwd_pe": null, "fwd_pe2": 68.6, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["白酒", 45.0], ["进口葡萄酒", 3.0], ["其他主营业务", 1.0]], "ret_prev_year": -0.7, "ret_prev2_year": 5.1, "ret_ytd": -34.8, "ret_pivot": 6.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.8, "ret_60": -24.9, "ret_120": -19.4, "ret_250": -41.4, "mdd_250": -56.3, "vol_250": 53.4, "pos_52w": 48.7}, "S": {"duration": 100, "pricing": 28, "hard": 9, "bondness": 58}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -5.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 4 亿,经营现金流/市值 23.7%: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 6%,毛利率近 5 年中位 10.7%。", "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 23.7%(经营现金流/市值 23.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.7%,稳定度 53%,2020→2022 成本通胀期毛利率变化 -5.0 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 6%,资本开支/折旧 0.06 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 -41%,最大回撤 -56%,年化波动 53%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -1% / -25% / -19%。", "行业对照": ["同申万二级「专业连锁Ⅱ」7 家中位:PE 28.8 / 股息率 2.0% / 毛利率 15.2% / 固定资产占比 4% / 分红率 46%。", "华致酒行:PE ;股息率 ;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}