{"F": {"ts_code": "600439.SH", "name": "ST瑞贝卡", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "饰品", "sw3": "其他饰品", "ind": "饰品", "fin_source": "tushare", "market": "主板", "list_date": "20030710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.94, "pe_ttm": null, "pb": 0.8805, "dv_ttm": null, "total_mv": 219605.1676, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.8, 29.7, 26.7, 30.5, 30.8, 36.9], "rev_series": [13.3, 15.7, 12.6, 12.3, 12.4, 12.9], "np_series": [0.4, 0.6, 0.3, 0.1, -1.2, -0.8], "roe_series": [1.4, 2.2, 1.2, 0.4, -4.4, -3.2], "period": "20260630", "rev_ttm": 13.4, "np_ttm": -0.9, "ocf_ttm": 3.1, "fcf_ttm": 3.1, "fcf_yield": 14.1, "ocf_yield": 14.3, "gm_median": 30.5, "gm_std": 3.3, "gm_stab": 0.89, "gm_chg_2022": -7.1, "npm_median": 1.0, "roe_median": 0.4, "commodity": false, "hard_ratio": 11.5, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 0.88, "capex_dep": 0.12, "interest_debt": 14.8, "debt_ebitda": 13.8, "debt_ratio": 40.5, "debt_mv": 67.4, "payout": 91.7, "div_years": 1, "rev_cagr3": 0.9, "np_cagr3": null, "rev_yoy": 7.7, "np_yoy": -52.0, "np_vol": 422.9, "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", 46.0], ["主营业务", 43.0], ["Rebecca品牌", 8.0], ["其他业务", 2.0]], "ret_prev_year": -17.8, "ret_prev2_year": 26.2, "ret_ytd": -30.0, "ret_pivot": -18.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.9, "ret_60": -14.5, "ret_120": -28.9, "ret_250": -38.8, "mdd_250": -43.0, "vol_250": 37.2, "pos_52w": 60.4}, "S": {"duration": 100, "pricing": 50, "hard": 18, "bondness": 66}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 40%,有息负债 15 亿,经营现金流/市值 14.3%: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 30.5%),硬资产占比 12%。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 14.1%(经营现金流/市值 14.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -7.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%,资本开支/折旧 0.12 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 -39%,最大回撤 -43%,年化波动 37%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 5% / -14% / -29%。", "行业对照": ["同申万二级「饰品」15 家中位:PE 57.4 / 股息率 2.0% / 毛利率 15.0% / 固定资产占比 3% / 分红率 59%。", "ST瑞贝卡:PE ;股息率 ;毛利率 比行业中位高 15.5个百分点;固定资产占比 比行业中位高 8.9个百分点。"]}}