{"F": {"ts_code": "603123.SH", "name": "翠微股份", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20120503", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.18, "pe_ttm": null, "pb": 5.6251, "dv_ttm": null, "total_mv": 892987.5188, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.4, 33.0, 26.8, 24.3, 14.9, 17.8], "rev_series": [40.9, 35.0, 39.7, 36.6, 22.3, 23.2], "np_series": [0.8, 1.7, -4.4, -5.8, -6.9, -4.8], "roe_series": [2.4, 4.4, -12.0, -18.7, -27.7, -25.3], "period": "20260630", "rev_ttm": 21.7, "np_ttm": -3.5, "ocf_ttm": 0.2, "fcf_ttm": -2.4, "fcf_yield": -2.7, "ocf_yield": 0.2, "gm_median": 24.3, "gm_std": 6.4, "gm_stab": 0.73, "gm_chg_2022": -0.6, "npm_median": -16.1, "roe_median": -18.7, "commodity": false, "hard_ratio": 28.9, "fix_assets": 17.4, "goodwill_ratio": 0.0, "pb_calc": 5.63, "capex_dep": 2.82, "interest_debt": 28.6, "debt_ebitda": null, "debt_ratio": 73.7, "debt_mv": 32.1, "payout": null, "div_years": 1, "rev_cagr3": -16.4, "np_cagr3": null, "rev_yoy": -13.7, "np_yoy": 64.5, "np_vol": 161.6, "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", 36.0], ["银行卡收单服务", 22.0], ["银行卡收单业务", 22.0], ["百货业态", 7.0]], "ret_prev_year": 108.8, "ret_prev2_year": -24.4, "ret_ytd": -33.5, "ret_pivot": 68.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.9, "ret_60": 24.2, "ret_120": -15.0, "ret_250": -26.7, "mdd_250": -53.8, "vol_250": 53.2, "pos_52w": 66.5}, "S": {"duration": 100, "pricing": 45, "hard": 46, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 74%,有息负债 29 亿,经营现金流/市值 0.2%: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 29%,毛利率近 5 年中位 24.3%。", "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 -2.7%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.3%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -0.6 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 29%,资本开支/折旧 2.82 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 -54%,年化波动 53%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 17% / 24% / -15%。", "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%。", "翠微股份: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 13.5个百分点。"]}}