{"F": {"ts_code": "600892.SH", "name": "大晟文化", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19960315", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.91, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 274696.9222, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [62.0, 94.5, 90.9, 85.9, 89.5, 71.5], "rev_series": [3.0, 2.1, 2.1, 2.3, 1.7, 3.3], "np_series": [0.2, -1.1, 0.2, -0.2, -0.6, -0.8], "roe_series": [9.0, -53.7, 14.8, -12.1, -58.7, -159.7], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -0.9, "ocf_ttm": -1.7, "fcf_ttm": -1.8, "fcf_yield": -6.4, "ocf_yield": -6.3, "gm_median": 89.5, "gm_std": 8.0, "gm_stab": 0.91, "gm_chg_2022": 29.0, "npm_median": -31.8, "roe_median": -53.7, "commodity": false, "hard_ratio": 4.9, "fix_assets": 0.2, "goodwill_ratio": 22.4, "pb_calc": null, "capex_dep": 3.52, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 104.2, "debt_mv": 2.1, "payout": null, "div_years": 0, "rev_cagr3": 17.0, "np_cagr3": null, "rev_yoy": 41.5, "np_yoy": -15.2, "np_vol": 236.9, "loss_years": 4, "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], ["影视剧业务分部", 23.0], ["影视剧", 23.0], ["网络游戏业务分部", 11.0]], "ret_prev_year": -0.8, "ret_prev2_year": -39.3, "ret_ytd": 34.2, "ret_pivot": 20.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 19.2, "ret_60": 40.3, "ret_120": 35.3, "ret_250": 46.6, "mdd_250": -32.7, "vol_250": 48.8, "pos_52w": 90.1}, "S": {"duration": 100, "pricing": 88, "hard": 8, "bondness": 6}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 104%,有息负债 1 亿,经营现金流/市值 -6.3%: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": "只占定价权一条(毛利率 89.5%),硬资产占比 5%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -6.4%(经营现金流/市值 -6.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 89.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 29.0 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 5%,资本开支/折旧 3.52 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 47%,最大回撤 -33%,年化波动 49%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 19% / 40% / 35%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "大晟文化:PE ;股息率 ;毛利率 比行业中位高 28.7个百分点;固定资产占比 比行业中位高 0.9个百分点。"]}}