{"F": {"ts_code": "600770.SH", "name": "综艺股份", "mkt": "CN", "ccy": "元", "sw1": "综合", "sw2": "综合Ⅱ", "sw3": "综合Ⅲ", "ind": "综合Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19961120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.08, "pe_ttm": 48.4313, "pb": 1.9407, "dv_ttm": null, "total_mv": 660400.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.5, 40.9, 44.4, 36.6, 35.0, 21.9], "rev_series": [3.8, 3.7, 3.8, 3.2, 3.5, 4.7], "np_series": [1.7, 0.6, -3.2, -1.7, 0.3, 1.1], "roe_series": [4.6, 1.6, -9.1, -5.2, 0.9, 3.3], "period": "20260630", "rev_ttm": 5.9, "np_ttm": 1.4, "ocf_ttm": 1.2, "fcf_ttm": 1.2, "fcf_yield": 1.9, "ocf_yield": 1.8, "gm_median": 36.6, "gm_std": 7.7, "gm_stab": 0.79, "gm_chg_2022": 7.0, "npm_median": 2.0, "roe_median": 0.9, "commodity": false, "hard_ratio": 24.2, "fix_assets": 14.8, "goodwill_ratio": 0.2, "pb_calc": 1.94, "capex_dep": -0.01, "interest_debt": 5.7, "debt_ebitda": 5.4, "debt_ratio": 20.5, "debt_mv": 8.6, "payout": null, "div_years": 0, "rev_cagr3": 7.9, "np_cagr3": null, "rev_yoy": 55.2, "np_yoy": 136.9, "np_vol": 308.7, "loss_years": 2, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["芯片设计及应用", 37.0], ["半导体IDM,设计及应用", 37.0], ["太阳能电站", 12.0], ["环保设备及环保材料", 7.0]], "ret_prev_year": 23.4, "ret_prev2_year": -14.7, "ret_ytd": -1.7, "ret_pivot": 92.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": -11.2, "ret_120": -14.6, "ret_250": -16.3, "mdd_250": -44.0, "vol_250": 49.2, "pos_52w": 60.6}, "S": {"duration": 70, "pricing": 57, "hard": 39, "bondness": 27}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 1.4 亿,近 5 年亏损 2 年;PE 48 倍(盈利极薄),估值指标失真。", "资产负债率 20%,有息负债 6 亿,经营现金流/市值 1.8%: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 24%,毛利率近 5 年中位 36.6%。", "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 1.9%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.6%,稳定度 79%,2020→2022 成本通胀期毛利率变化 7.0 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 24%,资本开支/折旧 -0.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 48.4 倍 粗算,约 90%(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 -16%,最大回撤 -44%,年化波动 49%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -3% / -11% / -15%。", "行业对照": ["同申万二级「综合Ⅱ」20 家中位:PE 46.7 / 股息率 0.9% / 毛利率 15.5% / 固定资产占比 12% / 分红率 35%。", "综艺股份:PE 比行业中位高 1.7倍;股息率 ;毛利率 比行业中位高 21.1个百分点;固定资产占比 比行业中位高 11.8个百分点。"]}}