{"F": {"ts_code": "600336.SH", "name": "澳柯玛", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "白色家电", "sw3": "冰洗", "ind": "白色家电", "fin_source": "tushare", "market": "主板", "list_date": "20001229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.62, "pe_ttm": null, "pb": 2.561, "dv_ttm": 0.1511, "total_mv": 528285.7976, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.6, 16.6, 14.0, 14.1, 14.2, 13.7], "rev_series": [70.6, 86.3, 95.7, 93.0, 78.2, 68.1], "np_series": [3.1, 1.8, 1.5, 0.6, -0.5, -2.1], "roe_series": [14.4, 7.7, 6.0, 2.2, -2.0, -9.2], "period": "20260630", "rev_ttm": 62.6, "np_ttm": -2.9, "ocf_ttm": 7.3, "fcf_ttm": 4.0, "fcf_yield": 7.5, "ocf_yield": 13.8, "gm_median": 14.1, "gm_std": 1.1, "gm_stab": 0.92, "gm_chg_2022": -5.7, "npm_median": 0.7, "roe_median": 2.2, "commodity": false, "hard_ratio": 17.1, "fix_assets": 12.7, "goodwill_ratio": 0.0, "pb_calc": 2.56, "capex_dep": 2.75, "interest_debt": 9.5, "debt_ebitda": null, "debt_ratio": 72.2, "debt_mv": 18.0, "payout": 42.9, "div_years": 5, "rev_cagr3": -10.7, "np_cagr3": null, "rev_yoy": -13.5, "np_yoy": -213.7, "np_vol": 120.1, "loss_years": 2, "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": [["制冷设备", 41.0], ["制冷电器", 41.0], ["生活电器产品", 4.0], ["生活电器", 4.0]], "ret_prev_year": 21.8, "ret_prev2_year": 12.7, "ret_ytd": -19.5, "ret_pivot": 25.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": -5.2, "ret_120": -19.1, "ret_250": -9.9, "mdd_250": -42.6, "vol_250": 40.5, "pos_52w": 69.3}, "S": {"duration": 100, "pricing": 43, "hard": 27, "bondness": 39}, "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 -2.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 72%,有息负债 10 亿,经营现金流/市值 13.8%: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 17%,毛利率近 5 年中位 14.1%。", "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 7.5%(经营现金流/市值 13.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -5.7 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 17%,资本开支/折旧 2.75 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 -43%,年化波动 40%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 5% / -5% / -19%。", "行业对照": ["同申万二级「白色家电」11 家中位:PE 13.9 / 股息率 4.4% / 毛利率 20.8% / 固定资产占比 14% / 分红率 49%。", "澳柯玛:PE ;股息率 比行业中位低 4.2个百分点;毛利率 比行业中位低 6.7个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}