{"F": {"ts_code": "300949.SZ", "name": "奥雅股份", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "园林工程", "ind": "基础建设", "fin_source": "tushare", "market": "创业板", "list_date": "20210226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 23.16, "pe_ttm": null, "pb": 3.6471, "dv_ttm": null, "total_mv": 201492.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.6, 43.9, 30.5, 19.2, 27.2, 29.6], "rev_series": [4.9, 6.1, 4.8, 4.8, 4.1, 4.3], "np_series": [1.0, 0.8, -0.5, -1.8, -2.8, -1.3], "roe_series": [28.7, 9.4, -4.4, -16.7, -33.8, -20.3], "period": "20260630", "rev_ttm": 4.3, "np_ttm": -1.2, "ocf_ttm": -0.3, "fcf_ttm": -0.3, "fcf_yield": -1.7, "ocf_yield": -1.5, "gm_median": 29.6, "gm_std": 8.0, "gm_stab": 0.73, "gm_chg_2022": -18.1, "npm_median": -30.8, "roe_median": -16.7, "commodity": false, "hard_ratio": 3.3, "fix_assets": 0.3, "goodwill_ratio": 0.0, "pb_calc": 3.65, "capex_dep": 0.61, "interest_debt": 1.1, "debt_ebitda": null, "debt_ratio": 41.1, "debt_mv": 5.5, "payout": null, "div_years": 0, "rev_cagr3": -3.3, "np_cagr3": null, "rev_yoy": -3.8, "np_yoy": 43.4, "np_vol": 104.9, "loss_years": 4, "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", 41.0], ["景观设计", 22.0], ["综合文旅", 16.0], ["文旅综合行业", 16.0]], "ret_prev_year": -17.8, "ret_prev2_year": -17.7, "ret_ytd": -14.3, "ret_pivot": 35.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": 3.4, "ret_120": -17.7, "ret_250": -23.8, "mdd_250": -49.1, "vol_250": 42.7, "pos_52w": 64.3}, "S": {"duration": 100, "pricing": 44, "hard": 5, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 1 亿,经营现金流/市值 -1.5%: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 3%,毛利率近 5 年中位 29.6%。", "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 -1.7%(经营现金流/市值 -1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.6%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -18.1 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 3%,资本开支/折旧 0.61 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 -24%,最大回撤 -49%,年化波动 43%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 7% / 3% / -18%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "奥雅股份:PE ;股息率 ;毛利率 比行业中位高 17.2个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}