{"F": {"ts_code": "600540.SH", "name": "新赛股份", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "种植业", "sw3": "其他种植业", "ind": "种植业", "fin_source": "tushare", "market": "主板", "list_date": "20040107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.11, "pe_ttm": null, "pb": 7.5886, "dv_ttm": null, "total_mv": 355221.347, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.1, 2.0, -14.3, 3.4, -4.4, 0.5], "rev_series": [11.2, 11.0, 13.2, 9.7, 16.4, 30.1], "np_series": [0.1, -1.7, -2.8, 0.1, -2.4, -1.4], "roe_series": [1.3, -28.0, -42.8, 1.9, -40.2, -34.4], "period": "20260630", "rev_ttm": 32.1, "np_ttm": -0.2, "ocf_ttm": -6.8, "fcf_ttm": -6.9, "fcf_yield": -19.5, "ocf_yield": -19.0, "gm_median": 0.5, "gm_std": 6.4, "gm_stab": -11.87, "gm_chg_2022": -19.4, "npm_median": -15.9, "roe_median": -34.4, "commodity": false, "hard_ratio": 17.8, "fix_assets": 4.9, "goodwill_ratio": 0.0, "pb_calc": 7.59, "capex_dep": 0.53, "interest_debt": 15.9, "debt_ebitda": 13.1, "debt_ratio": 82.7, "debt_mv": 44.7, "payout": null, "div_years": 0, "rev_cagr3": 31.5, "np_cagr3": null, "rev_yoy": 77.2, "np_yoy": 1819.7, "np_vol": 937.3, "loss_years": 4, "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", 49.0], ["皮棉", 44.0], ["棉油", 2.0], ["棉蛋白/棉籽粕", 2.0]], "ret_prev_year": 16.0, "ret_prev2_year": -19.3, "ret_ytd": 33.7, "ret_pivot": 76.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 57.1, "ret_60": 37.3, "ret_120": 13.1, "ret_250": 21.2, "mdd_250": -44.7, "vol_250": 49.2, "pos_52w": 90.8}, "S": {"duration": 100, "pricing": 4, "hard": 28, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 83%,有息负债 16 亿,经营现金流/市值 -19.0%: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 18%,毛利率近 5 年中位 0.5%。", "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 -19.5%(经营现金流/市值 -19.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 0.5%,稳定度 -1187%,2020→2022 成本通胀期毛利率变化 -19.4 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 18%,资本开支/折旧 0.53 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 21%,最大回撤 -45%,年化波动 49%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 57% / 37% / 13%。", "行业对照": ["同申万二级「种植业」22 家中位:PE 71.5 / 股息率 0.6% / 毛利率 24.2% / 固定资产占比 17% / 分红率 38%。", "新赛股份:PE ;股息率 ;毛利率 比行业中位低 23.7个百分点;固定资产占比 比行业中位高 1.0个百分点。"]}}