{"F": {"ts_code": "600735.SH", "name": "ST新华锦", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "饰品", "sw3": "其他饰品", "ind": "饰品", "fin_source": "tushare", "market": "主板", "list_date": "19960726", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.94, "pe_ttm": null, "pb": 2.3959, "dv_ttm": null, "total_mv": 254694.2508, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.2, 21.9, 23.7, 21.5, 27.0, 26.2], "rev_series": [12.4, 15.7, 18.7, 23.7, 16.4, 13.4], "np_series": [0.4, 0.7, 0.5, 0.5, -1.3, -1.3], "roe_series": [4.7, 6.8, 4.4, 3.8, -10.5, -11.2], "period": "20260630", "rev_ttm": 12.7, "np_ttm": -1.3, "ocf_ttm": 1.5, "fcf_ttm": 1.5, "fcf_yield": 6.0, "ocf_yield": 6.0, "gm_median": 23.7, "gm_std": 2.2, "gm_stab": 0.91, "gm_chg_2022": -1.6, "npm_median": 5.2, "roe_median": 3.8, "commodity": false, "hard_ratio": 5.1, "fix_assets": 0.8, "goodwill_ratio": 0.6, "pb_calc": 2.4, "capex_dep": 0.03, "interest_debt": 0.4, "debt_ebitda": 0.3, "debt_ratio": 26.0, "debt_mv": 1.5, "payout": 31.0, "div_years": 3, "rev_cagr3": -10.5, "np_cagr3": null, "rev_yoy": -9.5, "np_yoy": -54.0, "np_vol": 146.8, "loss_years": 2, "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", 36.0], ["发制品业务", 27.0], ["发制品", 27.0], ["纺织品", 6.0]], "ret_prev_year": 4.2, "ret_prev2_year": -28.9, "ret_ytd": 25.1, "ret_pivot": 58.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.3, "ret_60": -3.1, "ret_120": -11.7, "ret_250": -29.0, "mdd_250": -49.6, "vol_250": 54.0, "pos_52w": 68.8}, "S": {"duration": 100, "pricing": 50, "hard": 8, "bondness": 32}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 0 亿,经营现金流/市值 6.0%: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 5%,毛利率近 5 年中位 23.7%。", "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 6.0%(经营现金流/市值 6.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -1.6 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 5%,资本开支/折旧 0.03 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 -29%,最大回撤 -50%,年化波动 54%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -8% / -3% / -12%。", "行业对照": ["同申万二级「饰品」15 家中位:PE 57.4 / 股息率 2.0% / 毛利率 15.0% / 固定资产占比 3% / 分红率 59%。", "ST新华锦:PE ;股息率 ;毛利率 比行业中位高 8.7个百分点;固定资产占比 比行业中位高 2.5个百分点。"]}}