{"F": {"ts_code": "600860.SH", "name": "京城股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "19940506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.49, "pe_ttm": null, "pb": 5.855, "dv_ttm": null, "total_mv": 464815.614, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.5, 10.9, 13.5, 15.3, 18.7, 16.3], "rev_series": [10.9, 11.8, 13.7, 14.1, 16.5, 15.3], "np_series": [1.6, -0.2, 0.2, -0.5, 0.1, -0.5], "roe_series": [30.2, -3.4, 2.1, -4.8, 0.7, -5.5], "period": "20260630", "rev_ttm": 15.0, "np_ttm": -1.0, "ocf_ttm": 0.1, "fcf_ttm": -0.6, "fcf_yield": -1.3, "ocf_yield": 0.1, "gm_median": 15.3, "gm_std": 2.6, "gm_stab": 0.83, "gm_chg_2022": 4.0, "npm_median": -3.5, "roe_median": -3.4, "commodity": false, "hard_ratio": 29.3, "fix_assets": 8.6, "goodwill_ratio": 5.7, "pb_calc": 5.85, "capex_dep": 0.92, "interest_debt": 4.3, "debt_ebitda": null, "debt_ratio": 57.1, "debt_mv": 9.3, "payout": null, "div_years": 0, "rev_cagr3": 3.6, "np_cagr3": null, "rev_yoy": -4.1, "np_yoy": -297.5, "np_vol": 364.3, "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": [["气体储运产品", 43.0], ["气体储运", 43.0], ["自动化制造设备系统集成", 4.0], ["自动化制造设备", 4.0]], "ret_prev_year": 24.4, "ret_prev2_year": -24.7, "ret_ytd": -32.3, "ret_pivot": 9.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.8, "ret_60": -2.3, "ret_120": -44.0, "ret_250": -37.9, "mdd_250": -53.7, "vol_250": 43.9, "pos_52w": 53.5}, "S": {"duration": 100, "pricing": 47, "hard": 47, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 57%,有息负债 4 亿,经营现金流/市值 0.1%: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 29%,毛利率近 5 年中位 15.3%。", "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 -1.3%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.3%,稳定度 83%,2020→2022 成本通胀期毛利率变化 4.0 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 29%,资本开支/折旧 0.92 倍。有一些。"], ["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 -38%,最大回撤 -54%,年化波动 44%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 3% / -2% / -44%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "京城股份:PE ;股息率 ;毛利率 比行业中位低 13.2个百分点;固定资产占比 比行业中位高 8.5个百分点。"]}}