{"F": {"ts_code": "601718.SH", "name": "ST际华", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "非运动服装", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20100816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.02, "pe_ttm": null, "pb": 0.7384, "dv_ttm": null, "total_mv": 880936.039, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.8, 9.2, 11.8, 14.0, 6.9, 13.8], "rev_series": [149.5, 154.9, 154.4, 115.6, 98.9, 69.3], "np_series": [-7.8, -1.7, 2.2, 1.8, -42.3, -2.9], "roe_series": [-4.4, -1.0, 1.3, 1.1, -28.5, -2.4], "period": "20260630", "rev_ttm": 61.3, "np_ttm": -5.0, "ocf_ttm": 3.9, "fcf_ttm": -0.0, "fcf_yield": -0.0, "ocf_yield": 4.5, "gm_median": 11.8, "gm_std": 2.8, "gm_stab": 0.77, "gm_chg_2022": 3.0, "npm_median": -2.1, "roe_median": -1.0, "commodity": false, "hard_ratio": 24.9, "fix_assets": 44.4, "goodwill_ratio": 0.0, "pb_calc": 0.74, "capex_dep": 1.17, "interest_debt": 10.3, "debt_ebitda": null, "debt_ratio": 33.5, "debt_mv": 11.7, "payout": 75.0, "div_years": 2, "rev_cagr3": -23.4, "np_cagr3": null, "rev_yoy": -24.8, "np_yoy": -265.0, "np_vol": 1009.5, "loss_years": 3, "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": [["民品", 52.0], ["贸易及其他业务", 18.0], ["贸易及其他", 18.0], ["军品", 12.0]], "ret_prev_year": 18.0, "ret_prev2_year": 1.1, "ret_ytd": -39.7, "ret_pivot": -15.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.5, "ret_60": 17.4, "ret_120": -39.3, "ret_250": -49.0, "mdd_250": -64.0, "vol_250": 37.6, "pos_52w": 50.9}, "S": {"duration": 100, "pricing": 43, "hard": 40, "bondness": 49}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -5.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 10 亿,经营现金流/市值 4.5%: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 25%,毛利率近 5 年中位 11.8%。", "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 -0.0%(经营现金流/市值 4.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.8%,稳定度 77%,2020→2022 成本通胀期毛利率变化 3.0 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 25%,资本开支/折旧 1.17 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 -49%,最大回撤 -64%,年化波动 38%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 14% / 17% / -39%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "ST际华:PE ;股息率 ;毛利率 比行业中位低 29.7个百分点;固定资产占比 比行业中位高 10.8个百分点。"]}}