{"F": {"ts_code": "600996.SH", "name": "贵广网络", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "电视广播Ⅱ", "sw3": "电视广播Ⅲ", "ind": "电视广播Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20161226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.08, "pe_ttm": null, "pb": 6.8569, "dv_ttm": null, "total_mv": 882734.3292, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.7, 12.9, 12.2, -10.6, -10.2, -20.3], "rev_series": [34.7, 27.8, 37.2, 18.5, 16.0, 12.7], "np_series": [-0.6, -4.5, 0.1, -13.8, -10.8, -13.2], "roe_series": [-1.2, -10.3, 0.2, -29.8, -31.2, -54.8], "period": "20260630", "rev_ttm": 11.8, "np_ttm": -13.1, "ocf_ttm": 3.2, "fcf_ttm": 1.7, "fcf_yield": 2.0, "ocf_yield": 3.6, "gm_median": -10.2, "gm_std": 13.4, "gm_stab": 2.31, "gm_chg_2022": -10.5, "npm_median": -69.5, "roe_median": -29.8, "commodity": false, "hard_ratio": 49.2, "fix_assets": 70.4, "goodwill_ratio": 0.0, "pb_calc": 6.86, "capex_dep": 0.26, "interest_debt": 65.3, "debt_ebitda": null, "debt_ratio": 87.0, "debt_mv": 74.0, "payout": null, "div_years": 0, "rev_cagr3": -30.2, "np_cagr3": null, "rev_yoy": -14.5, "np_yoy": 2.6, "np_vol": 4856.7, "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", 50.0], ["数据业务", 21.0], ["基本收视业务", 15.0], ["工程及安装", 6.0]], "ret_prev_year": 17.4, "ret_prev2_year": -4.6, "ret_ytd": -29.5, "ret_pivot": -5.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": -19.5, "ret_120": -12.9, "ret_250": -18.6, "mdd_250": -52.5, "vol_250": 54.9, "pos_52w": 56.2}, "S": {"duration": 100, "pricing": 39, "hard": 79, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 49%,但毛利率近 5 年中位只有 -10.2%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -10.5 个百分点;资产负债率 87%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 49%),没有定价权:毛利率近 5 年中位 -10.2%,稳定度 231%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.0%(经营现金流/市值 3.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -10.2%,稳定度 231%,2020→2022 成本通胀期毛利率变化 -10.5 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 49%,资本开支/折旧 0.26 倍。涨。"], ["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 -19%,最大回撤 -52%,年化波动 55%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 1% / -20% / -13%。", "行业对照": ["同申万二级「电视广播Ⅱ」15 家中位:PE 38.2 / 股息率 2.1% / 毛利率 24.7% / 固定资产占比 26% / 分红率 62%。", "贵广网络:PE ;股息率 ;毛利率 比行业中位低 34.9个百分点;固定资产占比 比行业中位高 22.7个百分点。"]}}