{"F": {"ts_code": "601010.SH", "name": "ST文峰", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "多业态零售", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20110603", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.51, "pe_ttm": null, "pb": 0.673, "dv_ttm": 1.3136, "total_mv": 273113.1262, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.4, 47.2, 42.2, 46.0, 47.3, 47.2], "rev_series": [23.5, 24.7, 23.9, 21.7, 18.9, 15.0], "np_series": [2.7, 2.4, -1.6, 1.7, 1.6, -1.0], "roe_series": [5.6, 4.9, -3.5, 3.9, 2.5, -2.3], "period": "20260630", "rev_ttm": 13.6, "np_ttm": -1.5, "ocf_ttm": 2.8, "fcf_ttm": 1.9, "fcf_yield": 6.8, "ocf_yield": 10.1, "gm_median": 47.2, "gm_std": 2.0, "gm_stab": 0.96, "gm_chg_2022": -3.3, "npm_median": 5.9, "roe_median": 2.5, "commodity": false, "hard_ratio": 54.9, "fix_assets": 31.5, "goodwill_ratio": 0.0, "pb_calc": 0.67, "capex_dep": 0.48, "interest_debt": 1.2, "debt_ebitda": 0.5, "debt_ratio": 29.5, "debt_mv": 4.6, "payout": 156.7, "div_years": 4, "rev_cagr3": -14.3, "np_cagr3": null, "rev_yoy": -16.5, "np_yoy": -82.8, "np_vol": 140.7, "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", 33.0], ["百货分部", 18.0], ["百货业态", 16.0], ["超市分部", 6.0]], "ret_prev_year": 3.2, "ret_prev2_year": 17.7, "ret_ytd": -44.7, "ret_pivot": -5.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -5.6, "ret_120": -37.3, "ret_250": -44.1, "mdd_250": -58.8, "vol_250": 41.3, "pos_52w": 48.2}, "S": {"duration": 100, "pricing": 62, "hard": 88, "bondness": 64}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 1 亿,经营现金流/市值 10.1%: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": "硬资产占比 55%、毛利率 47.2% 两条都占,但所在行业(商贸零售)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 6.8%(经营现金流/市值 10.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.2%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.3 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 55%,资本开支/折旧 0.48 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 -44%,最大回撤 -59%,年化波动 41%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 7% / -6% / -37%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "ST文峰:PE ;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 13.0个百分点;固定资产占比 比行业中位高 39.5个百分点。"]}}