{"F": {"ts_code": "300894.SZ", "name": "火星人", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "厨卫电器", "sw3": "厨房电器", "ind": "厨卫电器", "fin_source": "tushare", "market": "创业板", "list_date": "20201231", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.99, "pe_ttm": null, "pb": 4.967, "dv_ttm": null, "total_mv": 445099.6158, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.6, 46.1, 45.0, 47.6, 43.0, 37.5], "rev_series": [16.1, 23.2, 22.8, 21.4, 13.8, 7.7], "np_series": [2.8, 3.8, 3.1, 2.5, 0.1, -3.0], "roe_series": [28.6, 26.6, 20.1, 15.0, 0.7, -23.5], "period": "20260630", "rev_ttm": 6.7, "np_ttm": -3.0, "ocf_ttm": -1.9, "fcf_ttm": -2.6, "fcf_yield": -5.8, "ocf_yield": -4.3, "gm_median": 45.0, "gm_std": 3.5, "gm_stab": 0.92, "gm_chg_2022": -6.6, "npm_median": 11.5, "roe_median": 15.0, "commodity": false, "hard_ratio": 39.6, "fix_assets": 8.0, "goodwill_ratio": 0.0, "pb_calc": 4.54, "capex_dep": 0.77, "interest_debt": 7.0, "debt_ebitda": null, "debt_ratio": 51.7, "debt_mv": 15.7, "payout": 98.4, "div_years": 3, "rev_cagr3": -30.3, "np_cagr3": null, "rev_yoy": -27.6, "np_yoy": -5.4, "np_vol": 1093.3, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 3, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["集成灶", 36.0], ["其他主营业务", 7.0], ["其他", 7.0]], "ret_prev_year": -13.9, "ret_prev2_year": -12.4, "ret_ytd": -6.8, "ret_pivot": -5.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.1, "ret_60": -3.4, "ret_120": -4.3, "ret_250": -25.8, "mdd_250": -40.8, "vol_250": 51.7, "pos_52w": 74.6}, "S": {"duration": 100, "pricing": 58, "hard": 63, "bondness": 57}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -3.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 52%,有息负债 7 亿,经营现金流/市值 -4.3%: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": "硬资产占比 40%、毛利率 45.0% 两条都占,但所在行业(家用电器)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -5.8%(经营现金流/市值 -4.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.0%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -6.6 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 40%,资本开支/折旧 0.77 倍。涨。"], ["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 -26%,最大回撤 -41%,年化波动 52%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -10% / -3% / -4%。", "行业对照": ["同申万二级「厨卫电器」9 家中位:PE 16.5 / 股息率 3.9% / 毛利率 44.7% / 固定资产占比 21% / 分红率 79%。", "火星人:PE ;股息率 ;毛利率 比行业中位高 0.3个百分点;固定资产占比 比行业中位高 18.7个百分点。"]}}