{"F": {"ts_code": "600180.SH", "name": "*ST瑞茂", "mkt": "CN", "ccy": "元", "sw1": "交通运输", "sw2": "物流", "sw3": "原材料供应链服务", "ind": "物流", "fin_source": "tushare", "market": "主板", "list_date": "19980703", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.44, "pe_ttm": null, "pb": 0.45, "dv_ttm": 0.689, "total_mv": 156474.36, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [3.4, 4.3, 2.2, 1.9, 3.7, 2.9], "rev_series": [366.6, 476.4, 558.7, 400.9, 315.0, 215.4], "np_series": [1.6, 8.2, 4.6, 2.9, 0.7, -31.3], "roe_series": [2.6, 12.6, 6.4, 3.8, 0.8, -49.9], "period": "20260630", "rev_ttm": 128.8, "np_ttm": -42.5, "ocf_ttm": -4.2, "fcf_ttm": -4.5, "fcf_yield": -28.9, "ocf_yield": -27.1, "gm_median": 2.9, "gm_std": 0.9, "gm_stab": 0.69, "gm_chg_2022": -1.2, "npm_median": 0.7, "roe_median": 3.8, "commodity": false, "hard_ratio": 2.3, "fix_assets": 4.3, "goodwill_ratio": 0.0, "pb_calc": 0.45, "capex_dep": 0.79, "interest_debt": 57.4, "debt_ebitda": null, "debt_ratio": 81.3, "debt_mv": 366.5, "payout": 56.7, "div_years": 5, "rev_cagr3": -27.2, "np_cagr3": null, "rev_yoy": -91.5, "np_yoy": -1963.9, "np_vol": 1955.5, "loss_years": 1, "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", 47.0], ["煤炭贸易收入", 39.0], ["非煤大宗贸易收入", 7.0], ["非煤大宗", 7.0]], "ret_prev_year": -17.9, "ret_prev2_year": -28.2, "ret_ytd": -58.9, "ret_pivot": -59.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.0, "ret_60": 9.9, "ret_120": -62.5, "ret_250": -69.0, "mdd_250": -78.5, "vol_250": 50.1, "pos_52w": 28.7}, "S": {"duration": 100, "pricing": 32, "hard": 4, "bondness": 47}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -42.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 81%,有息负债 57 亿,经营现金流/市值 -27.1%: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 2%,毛利率近 5 年中位 2.9%。", "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 -28.9%(经营现金流/市值 -27.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 2.9%,稳定度 69%,2020→2022 成本通胀期毛利率变化 -1.2 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 2%,资本开支/折旧 0.79 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 -69%,最大回撤 -78%,年化波动 50%,现价在 52 周高点的 29%;近 20 / 60 / 120 日 -4% / 10% / -62%。", "行业对照": ["同申万二级「物流」48 家中位:PE 21.4 / 股息率 2.1% / 毛利率 10.3% / 固定资产占比 18% / 分红率 43%。", "*ST瑞茂: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 7.4个百分点;固定资产占比 比行业中位低 15.3个百分点。"]}}