{"F": {"ts_code": "601956.SH", "name": "东贝集团", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "家电零部件Ⅱ", "sw3": "家电零部件Ⅲ", "ind": "家电零部件Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20201225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.0, "pe_ttm": null, "pb": 1.3198, "dv_ttm": 1.9719, "total_mv": 310808.3, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.2, 10.9, 12.4, 14.1, 12.3, 9.1], "rev_series": [52.1, 60.6, 53.5, 59.0, 62.4, 61.4], "np_series": [1.1, 0.3, 1.4, 1.9, 1.3, 0.8], "roe_series": [8.5, 1.9, 7.0, 7.7, 5.1, 3.0], "period": "20260630", "rev_ttm": 62.5, "np_ttm": -0.4, "ocf_ttm": 4.4, "fcf_ttm": 2.0, "fcf_yield": 6.5, "ocf_yield": 14.2, "gm_median": 12.3, "gm_std": 1.7, "gm_stab": 0.87, "gm_chg_2022": -4.8, "npm_median": 2.0, "roe_median": 5.1, "commodity": false, "hard_ratio": 26.4, "fix_assets": 19.6, "goodwill_ratio": 2.5, "pb_calc": 1.32, "capex_dep": 1.13, "interest_debt": 9.2, "debt_ebitda": 3.7, "debt_ratio": 68.0, "debt_mv": 29.6, "payout": 81.6, "div_years": 5, "rev_cagr3": 4.7, "np_cagr3": -18.8, "rev_yoy": 3.7, "np_yoy": -172.7, "np_vol": 153.1, "loss_years": 0, "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": [["压缩机收入", 38.0], ["压缩机", 38.0], ["铸件收入", 6.0], ["铸件", 6.0]], "ret_prev_year": 51.8, "ret_prev2_year": -16.9, "ret_ytd": -28.9, "ret_pivot": 23.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.9, "ret_60": 2.9, "ret_120": -27.0, "ret_250": -27.4, "mdd_250": -51.6, "vol_250": 34.5, "pos_52w": 55.4}, "S": {"duration": 100, "pricing": 40, "hard": 42, "bondness": 67}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 68%,有息负债 9 亿,经营现金流/市值 14.2%: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 26%,毛利率近 5 年中位 12.3%。", "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 6.5%(经营现金流/市值 14.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.3%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -4.8 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 26%,资本开支/折旧 1.13 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 -27%,最大回撤 -52%,年化波动 34%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 3% / 3% / -27%。", "行业对照": ["同申万二级「家电零部件Ⅱ」34 家中位:PE 50.3 / 股息率 1.0% / 毛利率 18.8% / 固定资产占比 21% / 分红率 39%。", "东贝集团:PE ;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 6.5个百分点;固定资产占比 比行业中位高 5.8个百分点。"]}}