{"F": {"ts_code": "600712.SH", "name": "南宁百货", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19960626", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.77, "pe_ttm": null, "pb": 4.1527, "dv_ttm": null, "total_mv": 314266.1658, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.2, 27.2, 25.6, 27.4, 28.6, 29.7], "rev_series": [7.8, 8.1, 6.6, 6.8, 6.2, 4.7], "np_series": [-1.3, 0.0, -0.6, 0.1, -0.3, -0.4], "roe_series": [-13.6, 0.3, -7.6, 0.9, -3.9, -5.3], "period": "20260630", "rev_ttm": 4.6, "np_ttm": -0.3, "ocf_ttm": -0.1, "fcf_ttm": -0.2, "fcf_yield": -0.5, "ocf_yield": -0.5, "gm_median": 27.4, "gm_std": 1.4, "gm_stab": 0.95, "gm_chg_2022": 1.4, "npm_median": -5.1, "roe_median": -3.9, "commodity": false, "hard_ratio": 57.9, "fix_assets": 7.4, "goodwill_ratio": 0.0, "pb_calc": 4.15, "capex_dep": 0.03, "interest_debt": 1.8, "debt_ebitda": 3.5, "debt_ratio": 41.2, "debt_mv": 5.8, "payout": null, "div_years": 0, "rev_cagr3": -10.4, "np_cagr3": null, "rev_yoy": -2.4, "np_yoy": 110.6, "np_vol": 1010.4, "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": [["百货业态（含家电、团购）", 37.0], ["百货业态(含家电、团购)", 37.0], ["租赁、促销服务费等其他业务", 6.0], ["其他业务", 6.0]], "ret_prev_year": -5.7, "ret_prev2_year": 38.5, "ret_ytd": -15.4, "ret_pivot": 62.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.3, "ret_60": 8.3, "ret_120": -10.0, "ret_250": -20.9, "mdd_250": -45.4, "vol_250": 40.8, "pos_52w": 71.2}, "S": {"duration": 100, "pricing": 56, "hard": 93, "bondness": 30}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 2 亿,经营现金流/市值 -0.5%: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 58%),没有定价权:毛利率近 5 年中位 27.4%,稳定度 95%。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 -0.5%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.4%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.4 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 58%,资本开支/折旧 0.03 倍。涨。"], ["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 41%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 5% / 8% / -10%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "南宁百货:PE ;股息率 ;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位高 42.5个百分点。"]}}