{"F": {"ts_code": "600107.SH", "name": "*ST尔雅", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "非运动服装", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "19971106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.24, "pe_ttm": null, "pb": 5.7722, "dv_ttm": null, "total_mv": 224640.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.8, 37.1, 38.2, 36.5, 32.2, 34.9], "rev_series": [3.4, 4.9, 4.3, 4.5, 3.3, 2.4], "np_series": [1.3, 0.2, -1.2, -0.6, -0.7, -0.9], "roe_series": [19.6, 3.1, -17.2, -10.0, -12.9, -19.9], "period": "20260630", "rev_ttm": 2.5, "np_ttm": -0.8, "ocf_ttm": -0.6, "fcf_ttm": -0.9, "fcf_yield": -4.1, "ocf_yield": -2.7, "gm_median": 36.5, "gm_std": 2.1, "gm_stab": 0.94, "gm_chg_2022": 0.4, "npm_median": -21.2, "roe_median": -12.9, "commodity": false, "hard_ratio": 9.3, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 5.77, "capex_dep": 2.84, "interest_debt": 1.5, "debt_ebitda": null, "debt_ratio": 42.3, "debt_mv": 6.7, "payout": null, "div_years": 0, "rev_cagr3": -18.2, "np_cagr3": null, "rev_yoy": 11.5, "np_yoy": 42.8, "np_vol": 244.5, "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", 33.0], ["服装及纺织品", 33.0], ["服装及纺织", 33.0], ["其他主营", 1.0]], "ret_prev_year": 51.9, "ret_prev2_year": -25.3, "ret_ytd": -10.1, "ret_pivot": 63.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 22.1, "ret_60": -2.2, "ret_120": 8.7, "ret_250": 9.5, "mdd_250": -45.0, "vol_250": 47.5, "pos_52w": 67.6}, "S": {"duration": 100, "pricing": 59, "hard": 15, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 42%,有息负债 2 亿,经营现金流/市值 -2.7%: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": "只占定价权一条(毛利率 36.5%),硬资产占比 9%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -4.1%(经营现金流/市值 -2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.4 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 2.84 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 10%,最大回撤 -45%,年化波动 48%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 22% / -2% / 9%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "*ST尔雅:PE ;股息率 ;毛利率 比行业中位低 5.0个百分点;固定资产占比 比行业中位低 4.8个百分点。"]}}