{"F": {"ts_code": "600506.SH", "name": "统一股份", "mkt": "CN", "ccy": "元", "sw1": "石油石化", "sw2": "炼化及贸易", "sw3": "炼油化工", "ind": "炼化及贸易", "fin_source": "tushare", "market": "主板", "list_date": "20011226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.46, "pe_ttm": 94.2494, "pb": 9.1032, "dv_ttm": 0.1458, "total_mv": 460807.0116, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [1.9, 7.2, 15.2, 16.8, 20.4, 20.2], "rev_series": [1.2, 3.5, 20.1, 22.4, 23.1, 24.1], "np_series": [0.0, -0.4, -0.8, -0.5, 0.3, 0.1], "roe_series": [1.6, -13.8, -24.3, -11.5, 7.4, 2.9], "period": "20260630", "rev_ttm": 29.0, "np_ttm": 0.5, "ocf_ttm": 2.7, "fcf_ttm": 2.5, "fcf_yield": 5.4, "ocf_yield": 5.8, "gm_median": 16.8, "gm_std": 4.8, "gm_stab": 0.71, "gm_chg_2022": 13.2, "npm_median": -2.2, "roe_median": -11.5, "commodity": false, "hard_ratio": 9.2, "fix_assets": 2.2, "goodwill_ratio": 30.1, "pb_calc": 9.1, "capex_dep": 0.91, "interest_debt": 6.3, "debt_ebitda": 4.1, "debt_ratio": 61.2, "debt_mv": 13.7, "payout": 51.5, "div_years": 1, "rev_cagr3": 6.2, "np_cagr3": null, "rev_yoy": 36.4, "np_yoy": 106.8, "np_vol": 377.5, "loss_years": 3, "far_share": 95.0, "earn_yield": 1.1, "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], ["润滑油脂", 43.0], ["其他化工产品", 4.0], ["防冻液", 2.0]], "ret_prev_year": 27.3, "ret_prev2_year": 13.3, "ret_ytd": -8.3, "ret_pivot": 119.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 27.0, "ret_60": 13.0, "ret_120": 6.5, "ret_250": 5.0, "mdd_250": -49.8, "vol_250": 55.2, "pos_52w": 69.8}, "S": {"duration": 91, "pricing": 44, "hard": 15, "bondness": 45}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高"], "text": {"像什么": ["TTM 归母净利 0.5 亿,近 5 年亏损 3 年;PE 94 倍(盈利极薄),估值指标失真。", "资产负债率 61%,有息负债 6 亿,经营现金流/市值 5.8%: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 16.8%。", "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 5.4%(经营现金流/市值 5.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.8%,稳定度 71%,2020→2022 成本通胀期毛利率变化 13.2 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 0.91 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 94.2 倍 粗算,约 95%(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 5%,最大回撤 -50%,年化波动 55%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 27% / 13% / 6%。", "行业对照": ["同申万二级「炼化及贸易」30 家中位:PE 24.2 / 股息率 0.8% / 毛利率 10.6% / 固定资产占比 43% / 分红率 49%。", "统一股份:PE 比行业中位高 70.0倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 6.2个百分点;固定资产占比 比行业中位低 33.9个百分点。"]}}