{"F": {"ts_code": "600593.SH", "name": "大连圣亚", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "旅游及景区", "sw3": "人工景区", "ind": "旅游及景区", "fin_source": "tushare", "market": "主板", "list_date": "20020711", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 41.36, "pe_ttm": 90.874, "pb": 25.5906, "dv_ttm": null, "total_mv": 539520.52, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.1, 30.2, 16.0, 61.5, 59.7, 59.5], "rev_series": [1.1, 2.0, 1.6, 4.7, 5.1, 5.1], "np_series": [-0.7, -2.0, -0.8, 0.3, -0.7, 0.3], "roe_series": [-13.7, -53.5, -34.3, 16.8, -37.8, 15.9], "period": "20260630", "rev_ttm": 5.1, "np_ttm": 0.6, "ocf_ttm": 2.0, "fcf_ttm": 1.3, "fcf_yield": 2.4, "ocf_yield": 3.6, "gm_median": 59.5, "gm_std": 18.7, "gm_stab": 0.68, "gm_chg_2022": 4.9, "npm_median": -8.5, "roe_median": -34.3, "commodity": false, "hard_ratio": 38.9, "fix_assets": 7.7, "goodwill_ratio": 0.0, "pb_calc": 25.59, "capex_dep": 1.14, "interest_debt": 6.3, "debt_ebitda": 2.5, "debt_ratio": 82.0, "debt_mv": 11.7, "payout": null, "div_years": 0, "rev_cagr3": 47.7, "np_cagr3": null, "rev_yoy": 2.3, "np_yoy": 202.0, "np_vol": 182.0, "loss_years": 3, "far_share": 94.0, "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], ["景区经营", 40.0], ["商业运营", 7.0], ["酒店运营", 2.0]], "ret_prev_year": 14.2, "ret_prev2_year": 84.5, "ret_ytd": -0.1, "ret_pivot": 152.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.2, "ret_60": 4.4, "ret_120": 7.1, "ret_250": 27.7, "mdd_250": -47.4, "vol_250": 55.7, "pos_52w": 66.6}, "S": {"duration": 90, "pricing": 65, "hard": 62, "bondness": 8}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.6 亿,近 5 年亏损 3 年;PE 91 倍(盈利极薄),估值指标失真。", "资产负债率 82%,有息负债 6 亿,经营现金流/市值 3.6%: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": "只占硬资产一条(占比 39%),没有定价权:毛利率近 5 年中位 59.5%,稳定度 68%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 2.4%(经营现金流/市值 3.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.5%,稳定度 68%,2020→2022 成本通胀期毛利率变化 4.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 39%,资本开支/折旧 1.14 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 90.9 倍 粗算,约 94%(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 28%,最大回撤 -47%,年化波动 56%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 5% / 4% / 7%。", "行业对照": ["同申万二级「旅游及景区」25 家中位:PE 66.7 / 股息率 2.0% / 毛利率 32.9% / 固定资产占比 35% / 分红率 44%。", "大连圣亚:PE 比行业中位高 24.2倍;股息率 ;毛利率 比行业中位高 26.6个百分点;固定资产占比 比行业中位高 4.1个百分点。"]}}