{"F": {"ts_code": "600234.SH", "name": "科新发展", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "装修装饰Ⅱ", "sw3": "装修装饰Ⅲ", "ind": "装修装饰Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20000615", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 22.19, "pe_ttm": null, "pb": 12.8854, "dv_ttm": null, "total_mv": 582534.099, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.5, 15.8, 31.0, -3.0, 15.1, 8.7], "rev_series": [11.1, 5.9, 1.2, 0.7, 3.7, 3.8], "np_series": [0.6, 0.2, -0.2, -1.7, 0.4, -0.2], "roe_series": [55.7, 4.1, -3.2, -33.2, 8.9, -3.7], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -0.4, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.2, "ocf_yield": -0.2, "gm_median": 15.1, "gm_std": 11.0, "gm_stab": 0.27, "gm_chg_2022": 16.5, "npm_median": -5.3, "roe_median": -3.2, "commodity": false, "hard_ratio": 25.0, "fix_assets": 2.7, "goodwill_ratio": 0.0, "pb_calc": 12.89, "capex_dep": 0.01, "interest_debt": 2.6, "debt_ebitda": null, "debt_ratio": 56.0, "debt_mv": 4.5, "payout": null, "div_years": 0, "rev_cagr3": 47.6, "np_cagr3": null, "rev_yoy": 17.1, "np_yoy": -98.5, "np_vol": 301.3, "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", 36.0], ["建筑装饰施工业务", 26.0], ["建筑工程业务", 26.0], ["服务器租赁业务", 8.0]], "ret_prev_year": 131.5, "ret_prev2_year": -35.9, "ret_ytd": 72.7, "ret_pivot": 627.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.6, "ret_60": -13.1, "ret_120": 48.7, "ret_250": 136.6, "mdd_250": -47.3, "vol_250": 66.3, "pos_52w": 70.5}, "S": {"duration": 100, "pricing": 28, "hard": 40, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 3 亿,经营现金流/市值 -0.2%: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 25%,毛利率近 5 年中位 15.1%。", "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 -0.2%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.1%,稳定度 27%,2020→2022 成本通胀期毛利率变化 16.5 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 25%,资本开支/折旧 0.01 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 137%,最大回撤 -47%,年化波动 66%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 8% / -13% / 49%。", "行业对照": ["同申万二级「装修装饰Ⅱ」22 家中位:PE 49.6 / 股息率 2.4% / 毛利率 12.9% / 固定资产占比 8% / 分红率 28%。", "科新发展:PE ;股息率 ;毛利率 比行业中位高 2.2个百分点;固定资产占比 比行业中位高 16.7个百分点。"]}}