{"F": {"ts_code": "600088.SH", "name": "中视传媒", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "影视院线", "sw3": "影视动漫制作", "ind": "影视院线", "fin_source": "tushare", "market": "主板", "list_date": "19970616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.5, "pe_ttm": null, "pb": 4.0806, "dv_ttm": 0.176, "total_mv": 497133.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-8.4, 10.9, 0.7, 13.5, 13.2, 12.1], "rev_series": [7.8, 11.9, 11.5, 11.1, 11.4, 10.4], "np_series": [-1.1, -0.0, -0.7, 2.4, 0.4, -0.2], "roe_series": [-9.2, -0.2, -6.3, 21.1, 3.5, -1.4], "period": "20260630", "rev_ttm": 10.6, "np_ttm": -0.7, "ocf_ttm": -0.5, "fcf_ttm": -0.5, "fcf_yield": -1.1, "ocf_yield": -0.9, "gm_median": 12.1, "gm_std": 4.8, "gm_stab": 0.6, "gm_chg_2022": 9.0, "npm_median": 0.5, "roe_median": -0.2, "commodity": false, "hard_ratio": 18.3, "fix_assets": 2.9, "goodwill_ratio": 0.0, "pb_calc": 4.08, "capex_dep": 0.31, "interest_debt": 1.1, "debt_ebitda": 1.7, "debt_ratio": 19.2, "debt_mv": 2.2, "payout": 17.3, "div_years": 3, "rev_cagr3": -3.4, "np_cagr3": null, "rev_yoy": 8.6, "np_yoy": -235.5, "np_vol": 1258.7, "loss_years": 3, "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", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": -9.2, "ret_prev2_year": 39.5, "ret_ytd": -22.6, "ret_pivot": -7.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -11.6, "ret_120": -17.0, "ret_250": -29.1, "mdd_250": -46.7, "vol_250": 40.2, "pos_52w": 62.5}, "S": {"duration": 100, "pricing": 38, "hard": 29, "bondness": 32}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 19%,有息负债 1 亿,经营现金流/市值 -0.9%: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 18%,毛利率近 5 年中位 12.1%。", "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 -1.1%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.1%,稳定度 60%,2020→2022 成本通胀期毛利率变化 9.0 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 18%,资本开支/折旧 0.31 倍。有一些。"], ["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 -29%,最大回撤 -47%,年化波动 40%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 7% / -12% / -17%。", "行业对照": ["同申万二级「影视院线」19 家中位:PE 84.8 / 股息率 0.3% / 毛利率 22.8% / 固定资产占比 6% / 分红率 40%。", "中视传媒:PE ;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位高 11.9个百分点。"]}}