{"F": {"ts_code": "600327.SH", "name": "大东方", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20020625", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.95, "pe_ttm": null, "pb": 1.2438, "dv_ttm": null, "total_mv": 349487.9025, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.0, 14.8, 17.8, 16.7, 15.1, 17.1], "rev_series": [79.4, 69.0, 31.3, 35.3, 36.4, 32.5], "np_series": [3.2, 6.4, 1.7, 1.6, 0.4, -2.4], "roe_series": [9.3, 18.3, 5.1, 5.0, 1.3, -7.9], "period": "20260630", "rev_ttm": 27.6, "np_ttm": -2.8, "ocf_ttm": 2.4, "fcf_ttm": 1.8, "fcf_yield": 5.2, "ocf_yield": 6.8, "gm_median": 16.7, "gm_std": 1.1, "gm_stab": 0.93, "gm_chg_2022": 4.8, "npm_median": 4.6, "roe_median": 5.0, "commodity": false, "hard_ratio": 9.3, "fix_assets": 4.2, "goodwill_ratio": 5.7, "pb_calc": 1.24, "capex_dep": 0.75, "interest_debt": 6.9, "debt_ebitda": 2.9, "debt_ratio": 31.9, "debt_mv": 19.8, "payout": 46.4, "div_years": 4, "rev_cagr3": 1.3, "np_cagr3": null, "rev_yoy": -27.3, "np_yoy": -58.2, "np_vol": 523.2, "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", 34.0], ["医疗服务(产品)", 24.0], ["医疗服务", 24.0], ["百货零售", 7.0]], "ret_prev_year": -6.6, "ret_prev2_year": 7.5, "ret_ytd": -20.2, "ret_pivot": 23.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.3, "ret_60": 15.5, "ret_120": -4.1, "ret_250": -22.5, "mdd_250": -49.5, "vol_250": 38.8, "pos_52w": 64.3}, "S": {"duration": 100, "pricing": 52, "hard": 15, "bondness": 44}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -2.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 32%,有息负债 7 亿,经营现金流/市值 6.8%: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 9%,毛利率近 5 年中位 16.7%。", "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 5.2%(经营现金流/市值 6.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 4.8 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 9%,资本开支/折旧 0.75 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 -22%,最大回撤 -50%,年化波动 39%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 10% / 16% / -4%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "大东方:PE ;股息率 ;毛利率 比行业中位低 17.5个百分点;固定资产占比 比行业中位低 6.1个百分点。"]}}