{"F": {"ts_code": "600530.SH", "name": "ST交昂", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "食品加工", "sw3": "保健品", "ind": "食品加工", "fin_source": "tushare", "market": "主板", "list_date": "20010702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.9, "pe_ttm": null, "pb": 9.7425, "dv_ttm": null, "total_mv": 302218.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.1, 42.8, 38.8, 22.5, 30.0, 29.5], "rev_series": [3.4, 3.6, 3.8, 3.0, 3.3, 3.1], "np_series": [0.9, -0.1, -5.0, -0.4, 0.3, 0.0], "roe_series": [11.3, -1.1, -86.3, -11.2, 9.8, 1.1], "period": "20260630", "rev_ttm": 3.0, "np_ttm": -0.1, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 1.5, "ocf_yield": 1.6, "gm_median": 30.0, "gm_std": 7.2, "gm_stab": 0.76, "gm_chg_2022": -5.3, "npm_median": -1.5, "roe_median": -1.1, "commodity": false, "hard_ratio": 13.1, "fix_assets": 0.9, "goodwill_ratio": 7.7, "pb_calc": 9.74, "capex_dep": 0.24, "interest_debt": 1.5, "debt_ebitda": 2.8, "debt_ratio": 48.7, "debt_mv": 4.8, "payout": 29.5, "div_years": 1, "rev_cagr3": -5.9, "np_cagr3": null, "rev_yoy": -7.2, "np_yoy": -721.4, "np_vol": 2207.1, "loss_years": 3, "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], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 33.7, "ret_prev2_year": 79.9, "ret_ytd": -39.4, "ret_pivot": 55.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.8, "ret_60": -34.1, "ret_120": -30.4, "ret_250": -54.8, "mdd_250": -59.1, "vol_250": 51.3, "pos_52w": 44.2}, "S": {"duration": 100, "pricing": 45, "hard": 21, "bondness": 39}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 49%,有息负债 2 亿,经营现金流/市值 1.6%: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 13%,毛利率近 5 年中位 30.0%。", "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 1.5%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.0%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -5.3 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 13%,资本开支/折旧 0.24 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 -55%,最大回撤 -59%,年化波动 51%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 1% / -34% / -30%。", "行业对照": ["同申万二级「食品加工」27 家中位:PE 29.8 / 股息率 2.4% / 毛利率 23.4% / 固定资产占比 28% / 分红率 62%。", "ST交昂:PE ;股息率 ;毛利率 比行业中位高 6.6个百分点;固定资产占比 比行业中位低 15.4个百分点。"]}}