{"F": {"ts_code": "600981.SH", "name": "苏豪汇鸿", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "贸易Ⅱ", "sw3": "贸易Ⅲ", "ind": "贸易Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20040630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.48, "pe_ttm": null, "pb": 1.1597, "dv_ttm": 0.4032, "total_mv": 556123.4336, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [4.5, 3.7, 3.7, 4.0, 3.7, 3.0], "rev_series": [368.0, 452.8, 477.6, 480.0, 542.3, 553.2], "np_series": [2.4, 2.5, -5.0, -0.9, 0.3, 0.2], "roe_series": [4.4, 4.5, -9.5, -1.8, 0.6, 0.3], "period": "20260630", "rev_ttm": 575.7, "np_ttm": -3.2, "ocf_ttm": -8.0, "fcf_ttm": -8.6, "fcf_yield": -15.4, "ocf_yield": -14.4, "gm_median": 3.7, "gm_std": 0.3, "gm_stab": 0.91, "gm_chg_2022": -0.8, "npm_median": 0.1, "roe_median": 0.3, "commodity": false, "hard_ratio": 3.5, "fix_assets": 10.3, "goodwill_ratio": 0.6, "pb_calc": 1.16, "capex_dep": 0.53, "interest_debt": 146.6, "debt_ebitda": 41.3, "debt_ratio": 81.7, "debt_mv": 263.5, "payout": 100.0, "div_years": 4, "rev_cagr3": 5.0, "np_cagr3": null, "rev_yoy": 9.1, "np_yoy": -303.2, "np_vol": 151.9, "loss_years": 2, "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", 36.0], ["大宗商品贸易及生产性服务业务", 19.0], ["大宗业务", 19.0], ["绿色检测", 8.0]], "ret_prev_year": 22.3, "ret_prev2_year": -15.5, "ret_ytd": -20.8, "ret_pivot": 40.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": -10.5, "ret_120": -25.1, "ret_250": -22.5, "mdd_250": -43.2, "vol_250": 42.6, "pos_52w": 64.9}, "S": {"duration": 100, "pricing": 41, "hard": 6, "bondness": 67}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 82%,有息负债 147 亿,经营现金流/市值 -14.4%: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 4%,毛利率近 5 年中位 3.7%。", "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 -15.4%(经营现金流/市值 -14.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.7%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -0.8 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 4%,资本开支/折旧 0.53 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 -22%,最大回撤 -43%,年化波动 43%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 4% / -10% / -25%。", "行业对照": ["同申万二级「贸易Ⅱ」12 家中位:PE 12.4 / 股息率 1.7% / 毛利率 4.7% / 固定资产占比 4% / 分红率 59%。", "苏豪汇鸿:PE ;股息率 比行业中位低 1.3个百分点;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位低 0.5个百分点。"]}}