{"F": {"ts_code": "600058.SH", "name": "五矿发展", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "贸易Ⅱ", "sw3": "贸易Ⅲ", "ind": "贸易Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19970528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.78, "pe_ttm": null, "pb": 2.1785, "dv_ttm": 0.3436, "total_mv": 1048328.6646, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [2.7, 3.1, 3.6, 3.1, 3.3, 3.5], "rev_series": [673.2, 875.1, 786.5, 790.0, 672.4, 528.2], "np_series": [2.7, 4.8, 3.4, 2.0, 1.3, 0.2], "roe_series": [4.0, 6.9, 5.7, 3.2, 1.7, 0.3], "period": "20260630", "rev_ttm": 497.8, "np_ttm": -0.8, "ocf_ttm": 11.3, "fcf_ttm": 10.7, "fcf_yield": 10.2, "ocf_yield": 10.8, "gm_median": 3.3, "gm_std": 0.2, "gm_stab": 0.93, "gm_chg_2022": 1.0, "npm_median": 0.2, "roe_median": 3.2, "commodity": false, "hard_ratio": 3.6, "fix_assets": 8.9, "goodwill_ratio": 0.0, "pb_calc": 1.43, "capex_dep": 0.82, "interest_debt": 17.7, "debt_ebitda": 3.2, "debt_ratio": 69.8, "debt_mv": 16.9, "payout": null, "div_years": 1, "rev_cagr3": -12.4, "np_cagr3": -61.7, "rev_yoy": -11.3, "np_yoy": -94.6, "np_vol": 54.4, "loss_years": 0, "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", 39.0], ["原材料", 19.0], ["冶金原材料", 19.0], ["钢铁", 17.0]], "ret_prev_year": 62.1, "ret_prev2_year": -24.2, "ret_ytd": -14.9, "ret_pivot": 57.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.2, "ret_60": -0.3, "ret_120": -21.5, "ret_250": 0.1, "mdd_250": -48.9, "vol_250": 52.2, "pos_52w": 62.0}, "S": {"duration": 100, "pricing": 42, "hard": 6, "bondness": 32}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 70%,有息负债 18 亿,经营现金流/市值 10.8%: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 4%,毛利率近 5 年中位 3.3%。", "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 10.2%(经营现金流/市值 10.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.3%,稳定度 93%,2020→2022 成本通胀期毛利率变化 1.0 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 4%,资本开支/折旧 0.82 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 0%,最大回撤 -49%,年化波动 52%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -8% / -0% / -22%。", "行业对照": ["同申万二级「贸易Ⅱ」12 家中位:PE 12.4 / 股息率 1.7% / 毛利率 4.7% / 固定资产占比 4% / 分红率 59%。", "五矿发展:PE ;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}