{"F": {"ts_code": "600881.SH", "name": "亚泰集团", "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": "19951115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.86, "pe_ttm": null, "pb": 56.8895, "dv_ttm": null, "total_mv": 601180.086, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.9, 17.6, 12.3, 12.0, 22.2, 23.3], "rev_series": [195.0, 196.5, 129.7, 92.5, 72.1, 63.6], "np_series": [1.4, -12.5, -34.5, -39.5, -29.2, -20.4], "roe_series": [0.9, -9.1, -30.4, -51.3, -68.3, -120.0], "period": "20260630", "rev_ttm": 57.3, "np_ttm": -17.0, "ocf_ttm": 8.4, "fcf_ttm": 7.8, "fcf_yield": 13.0, "ocf_yield": 14.0, "gm_median": 17.6, "gm_std": 4.8, "gm_stab": 0.73, "gm_chg_2022": -3.6, "npm_median": -38.7, "roe_median": -51.3, "commodity": false, "hard_ratio": 18.8, "fix_assets": 74.1, "goodwill_ratio": 0.4, "pb_calc": 56.89, "capex_dep": 0.11, "interest_debt": 303.8, "debt_ebitda": 123.8, "debt_ratio": 99.9, "debt_mv": 505.3, "payout": null, "div_years": 0, "rev_cagr3": -21.1, "np_cagr3": null, "rev_yoy": -20.8, "np_yoy": 41.5, "np_vol": 399.3, "loss_years": 5, "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", 50.0], ["主营业务", 47.0], ["其他业务", 3.0]], "ret_prev_year": 2.8, "ret_prev2_year": -7.2, "ret_ytd": 0.0, "ret_pivot": 59.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.5, "ret_60": 10.7, "ret_120": 8.1, "ret_250": -11.0, "mdd_250": -38.2, "vol_250": 50.9, "pos_52w": 79.8}, "S": {"duration": 100, "pricing": 39, "hard": 30, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -17.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 100%,有息负债 304 亿,经营现金流/市值 14.0%: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 19%,毛利率近 5 年中位 17.6%。", "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 13.0%(经营现金流/市值 14.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.6%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -3.6 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 19%,资本开支/折旧 0.11 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 -11%,最大回撤 -38%,年化波动 51%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 8% / 11% / 8%。", "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%。", "亚泰集团:PE ;股息率 ;毛利率 比行业中位高 2.1个百分点;固定资产占比 比行业中位高 6.4个百分点。"]}}