{"F": {"ts_code": "600556.SH", "name": "天下秀", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "营销代理", "ind": "广告营销", "fin_source": "tushare", "market": "主板", "list_date": "20010807", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.88, "pe_ttm": null, "pb": 2.3619, "dv_ttm": 0.1066, "total_mv": 882180.8288, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.4, 22.3, 21.8, 18.0, 17.2, 19.0], "rev_series": [30.6, 45.1, 41.3, 42.0, 40.7, 39.0], "np_series": [3.0, 3.5, 1.8, 0.9, 0.5, 0.3], "roe_series": [13.9, 10.2, 4.9, 2.4, 1.3, 0.8], "period": "20260630", "rev_ttm": 43.1, "np_ttm": -0.7, "ocf_ttm": -3.3, "fcf_ttm": -4.0, "fcf_yield": -4.5, "ocf_yield": -3.8, "gm_median": 19.0, "gm_std": 2.0, "gm_stab": 0.89, "gm_chg_2022": -1.6, "npm_median": 1.9, "roe_median": 2.4, "commodity": false, "hard_ratio": 4.0, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 2.36, "capex_dep": 3.99, "interest_debt": 6.0, "debt_ebitda": null, "debt_ratio": 31.7, "debt_mv": 6.8, "payout": 28.7, "div_years": 5, "rev_cagr3": -1.8, "np_cagr3": -44.4, "rev_yoy": 22.1, "np_yoy": -288.1, "np_vol": 26.4, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 5, "fwd_pe": 116.2, "fwd_pe2": 71.8, "fwd_g1": null, "fwd_g2": 62.0, "peg": 1.87, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 16.9, "ret_prev2_year": -11.8, "ret_ytd": -19.5, "ret_pivot": 39.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.1, "ret_60": -0.5, "ret_120": -22.6, "ret_250": -10.9, "mdd_250": -55.9, "vol_250": 57.3, "pos_52w": 52.3}, "S": {"duration": 100, "pricing": 47, "hard": 6, "bondness": 34}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 32%,有息负债 6 亿,经营现金流/市值 -3.8%: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 4%,毛利率近 5 年中位 19.0%。", "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 -4.5%(经营现金流/市值 -3.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.0%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.6 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 4%,资本开支/折旧 3.99 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 -11%,最大回撤 -56%,年化波动 57%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -5% / -0% / -23%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "天下秀:PE ;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 4.3个百分点;固定资产占比 比行业中位高 1.1个百分点。"]}}