{"F": {"ts_code": "600831.SH", "name": "广电网络", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "电视广播Ⅱ", "sw3": "电视广播Ⅲ", "ind": "电视广播Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19940224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.4, "pe_ttm": null, "pb": 44.3657, "dv_ttm": null, "total_mv": 241721.98, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.4, 31.0, 29.9, 19.8, 6.3, -1.7], "rev_series": [27.6, 30.1, 30.0, 23.1, 15.5, 11.0], "np_series": [0.6, 0.6, 0.1, -6.3, -10.6, -15.0], "roe_series": [1.6, 1.7, 0.3, -18.2, -40.7, -114.6], "period": "20260630", "rev_ttm": 9.8, "np_ttm": -16.3, "ocf_ttm": 3.7, "fcf_ttm": 1.9, "fcf_yield": 7.7, "ocf_yield": 15.3, "gm_median": 19.8, "gm_std": 12.9, "gm_stab": 0.35, "gm_chg_2022": 0.6, "npm_median": -27.7, "roe_median": -18.2, "commodity": false, "hard_ratio": 59.1, "fix_assets": 52.8, "goodwill_ratio": 0.0, "pb_calc": 44.37, "capex_dep": 0.39, "interest_debt": 59.0, "debt_ebitda": null, "debt_ratio": 99.7, "debt_mv": 244.1, "payout": null, "div_years": 2, "rev_cagr3": -28.4, "np_cagr3": null, "rev_yoy": -18.3, "np_yoy": -35.3, "np_vol": 2540.2, "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": [["产品", 33.0], ["有线电视网络运营业务", 29.0], ["有线电视业务", 29.0], ["商品销售业务", 4.0]], "ret_prev_year": 64.7, "ret_prev2_year": -51.3, "ret_ytd": -19.0, "ret_pivot": 67.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": 4.0, "ret_120": -17.9, "ret_250": -27.5, "mdd_250": -49.5, "vol_250": 42.8, "pos_52w": 61.8}, "S": {"duration": 100, "pricing": 30, "hard": 95, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 59%,但毛利率近 5 年中位只有 19.8%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 0.6 个百分点;资产负债率 100%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 59%),没有定价权:毛利率近 5 年中位 19.8%,稳定度 35%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.7%(经营现金流/市值 15.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.8%,稳定度 35%,2020→2022 成本通胀期毛利率变化 0.6 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 59%,资本开支/折旧 0.39 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 -28%,最大回撤 -50%,年化波动 43%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 3% / 4% / -18%。", "行业对照": ["同申万二级「电视广播Ⅱ」15 家中位:PE 38.2 / 股息率 2.1% / 毛利率 24.7% / 固定资产占比 26% / 分红率 62%。", "广电网络:PE ;股息率 ;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位高 32.6个百分点。"]}}