{"F": {"ts_code": "600400.SH", "name": "红豆股份", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "非运动服装", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20010108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.86, "pe_ttm": null, "pb": 5.0991, "dv_ttm": null, "total_mv": 655332.3634, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.2, 30.9, 34.1, 36.3, 33.5, 34.3], "rev_series": [23.8, 23.4, 23.4, 23.3, 19.6, 22.3], "np_series": [1.5, 0.8, 0.2, 0.3, -2.4, -4.2], "roe_series": [3.8, 2.3, 0.5, 1.0, -8.7, -21.5], "period": "20260630", "rev_ttm": 23.9, "np_ttm": -4.1, "ocf_ttm": 2.8, "fcf_ttm": 2.4, "fcf_yield": 3.7, "ocf_yield": 4.3, "gm_median": 34.1, "gm_std": 1.7, "gm_stab": 0.95, "gm_chg_2022": 5.9, "npm_median": 0.7, "roe_median": 0.5, "commodity": false, "hard_ratio": 13.2, "fix_assets": 3.8, "goodwill_ratio": 0.0, "pb_calc": 5.1, "capex_dep": 1.56, "interest_debt": 7.9, "debt_ebitda": null, "debt_ratio": 53.3, "debt_mv": 12.0, "payout": 100.0, "div_years": 4, "rev_cagr3": -1.6, "np_cagr3": null, "rev_yoy": -10.8, "np_yoy": 2.6, "np_vol": 351.3, "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": [["产品", 50.0], ["服装", 49.0], ["其他主营业务", 1.0], ["其他", 1.0]], "ret_prev_year": -4.4, "ret_prev2_year": -10.1, "ret_ytd": 20.2, "ret_pivot": 38.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.9, "ret_60": 10.9, "ret_120": 26.5, "ret_250": 14.9, "mdd_250": -47.8, "vol_250": 52.5, "pos_52w": 74.7}, "S": {"duration": 100, "pricing": 62, "hard": 21, "bondness": 58}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 8 亿,经营现金流/市值 4.3%: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": "只占定价权一条(毛利率 34.1%),硬资产占比 13%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 3.7%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.1%,稳定度 95%,2020→2022 成本通胀期毛利率变化 5.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 13%,资本开支/折旧 1.56 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 15%,最大回撤 -48%,年化波动 52%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -9% / 11% / 26%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "红豆股份:PE ;股息率 ;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 0.9个百分点。"]}}