{"F": {"ts_code": "600156.SH", "name": "华升股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "纺织制造", "sw3": "其他纺织", "ind": "纺织制造", "fin_source": "tushare", "market": "主板", "list_date": "19980527", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.68, "pe_ttm": null, "pb": 10.054, "dv_ttm": 0.1152, "total_mv": 349032.0876, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.3, 3.7, 4.3, 10.0, 4.6, 4.3], "rev_series": [9.1, 9.3, 9.0, 5.8, 7.8, 8.0], "np_series": [0.3, -0.7, -2.1, 0.2, -0.5, -0.4], "roe_series": [4.7, -10.2, -38.1, 4.6, -11.2, -8.9], "period": "20260630", "rev_ttm": 6.9, "np_ttm": -0.5, "ocf_ttm": -0.6, "fcf_ttm": -0.7, "fcf_yield": -1.9, "ocf_yield": -1.6, "gm_median": 4.3, "gm_std": 2.3, "gm_stab": 0.46, "gm_chg_2022": -1.0, "npm_median": -7.1, "roe_median": -10.2, "commodity": false, "hard_ratio": 28.6, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 10.05, "capex_dep": 0.54, "interest_debt": 1.8, "debt_ebitda": null, "debt_ratio": 57.1, "debt_mv": 5.3, "payout": null, "div_years": 2, "rev_cagr3": -4.0, "np_cagr3": null, "rev_yoy": -25.7, "np_yoy": -77.1, "np_vol": 179.7, "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", 35.0], ["贸易业务等", 29.0], ["纺织贸易", 29.0], ["纺织生产", 6.0]], "ret_prev_year": 71.5, "ret_prev2_year": -1.8, "ret_ytd": 5.2, "ret_pivot": 118.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -4.4, "ret_120": 4.1, "ret_250": -9.7, "mdd_250": -52.6, "vol_250": 62.7, "pos_52w": 61.2}, "S": {"duration": 100, "pricing": 25, "hard": 46, "bondness": 24}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 2 亿,经营现金流/市值 -1.6%: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 29%,毛利率近 5 年中位 4.3%。", "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 -1.9%(经营现金流/市值 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.3%,稳定度 46%,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 29%,资本开支/折旧 0.54 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 -10%,最大回撤 -53%,年化波动 63%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 3% / -4% / 4%。", "行业对照": ["同申万二级「纺织制造」33 家中位:PE 23.1 / 股息率 1.3% / 毛利率 16.9% / 固定资产占比 30% / 分红率 46%。", "华升股份:PE ;股息率 比行业中位低 1.2个百分点;毛利率 比行业中位低 12.6个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}