{"F": {"ts_code": "603030.SH", "name": "全筑股份", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "装修装饰Ⅱ", "sw3": "装修装饰Ⅲ", "ind": "装修装饰Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20150320", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.12, "pe_ttm": null, "pb": 4.0151, "dv_ttm": null, "total_mv": 279189.902, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.2, 0.5, 3.0, 1.6, 17.2, 7.8], "rev_series": [54.2, 40.4, 20.1, 10.4, 7.8, 9.5], "np_series": [1.3, -12.9, -12.0, 0.9, -1.1, -2.9], "roe_series": [6.0, -75.2, -258.1, 22.8, -11.1, -35.4], "period": "20260630", "rev_ttm": 10.2, "np_ttm": -2.2, "ocf_ttm": -0.1, "fcf_ttm": -0.3, "fcf_yield": -1.0, "ocf_yield": -0.4, "gm_median": 3.0, "gm_std": 6.1, "gm_stab": -1.04, "gm_chg_2022": -10.1, "npm_median": -31.8, "roe_median": -35.4, "commodity": false, "hard_ratio": 19.2, "fix_assets": 4.0, "goodwill_ratio": 4.4, "pb_calc": 4.02, "capex_dep": 1.06, "interest_debt": 3.9, "debt_ebitda": null, "debt_ratio": 64.1, "debt_mv": 14.0, "payout": 0.0, "div_years": 0, "rev_cagr3": -22.1, "np_cagr3": null, "rev_yoy": 15.6, "np_yoy": 95.3, "np_vol": 418.1, "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], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 17.9, "ret_prev2_year": -10.7, "ret_ytd": -28.4, "ret_pivot": 15.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.0, "ret_60": -7.4, "ret_120": -19.1, "ret_250": -21.2, "mdd_250": -55.9, "vol_250": 49.3, "pos_52w": 53.4}, "S": {"duration": 100, "pricing": 5, "hard": 31, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 64%,有息负债 4 亿,经营现金流/市值 -0.4%: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 19%,毛利率近 5 年中位 3.0%。", "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 -1.0%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.0%,稳定度 -104%,2020→2022 成本通胀期毛利率变化 -10.1 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 19%,资本开支/折旧 1.06 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 -21%,最大回撤 -56%,年化波动 49%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 5% / -7% / -19%。", "行业对照": ["同申万二级「装修装饰Ⅱ」22 家中位:PE 49.6 / 股息率 2.4% / 毛利率 12.9% / 固定资产占比 8% / 分红率 28%。", "全筑股份:PE ;股息率 ;毛利率 比行业中位低 9.9个百分点;固定资产占比 比行业中位高 10.9个百分点。"]}}