{"F": {"ts_code": "600975.SH", "name": "新五丰", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "养殖业", "sw3": "生猪养殖", "ind": "养殖业", "fin_source": "tushare", "market": "主板", "list_date": "20040609", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.59, "pe_ttm": null, "pb": 4.8941, "dv_ttm": null, "total_mv": 698560.8903, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.1, 1.4, 6.5, -9.2, 7.4, 1.0], "rev_series": [27.2, 20.0, 49.3, 56.3, 70.5, 72.6], "np_series": [2.8, -2.8, -0.8, -12.0, 0.4, -8.8], "roe_series": [21.8, -15.8, -3.2, -42.4, 1.3, -33.8], "period": "20260630", "rev_ttm": 64.0, "np_ttm": -16.6, "ocf_ttm": -3.5, "fcf_ttm": -4.2, "fcf_yield": -6.1, "ocf_yield": -5.1, "gm_median": 1.4, "gm_std": 5.9, "gm_stab": -3.23, "gm_chg_2022": -8.6, "npm_median": -12.4, "roe_median": -15.8, "commodity": false, "hard_ratio": 17.5, "fix_assets": 18.1, "goodwill_ratio": 0.0, "pb_calc": 4.89, "capex_dep": 0.17, "interest_debt": 73.5, "debt_ebitda": null, "debt_ratio": 84.2, "debt_mv": 105.2, "payout": null, "div_years": 0, "rev_cagr3": 13.7, "np_cagr3": null, "rev_yoy": -23.2, "np_yoy": -1727.3, "np_vol": 968.7, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": 13.6, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["生猪销售", 38.0], ["屠宰冷藏业务", 7.0], ["鲜肉", 3.0]], "ret_prev_year": -5.0, "ret_prev2_year": -40.7, "ret_ytd": -5.1, "ret_pivot": 9.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.4, "ret_60": 16.7, "ret_120": -3.1, "ret_250": -14.0, "mdd_250": -39.7, "vol_250": 28.3, "pos_52w": 79.5}, "S": {"duration": 100, "pricing": 4, "hard": 28, "bondness": 9}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -16.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 84%,有息负债 74 亿,经营现金流/市值 -5.1%: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 18%,毛利率近 5 年中位 1.4%。", "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 -6.1%(经营现金流/市值 -5.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 1.4%,稳定度 -323%,2020→2022 成本通胀期毛利率变化 -8.6 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 18%,资本开支/折旧 0.17 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 -14%,最大回撤 -40%,年化波动 28%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 13% / 17% / -3%。", "行业对照": ["同申万二级「养殖业」22 家中位:PE 39.4 / 股息率 1.6% / 毛利率 11.1% / 固定资产占比 50% / 分红率 50%。", "新五丰:PE ;股息率 ;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位低 32.7个百分点。"]}}