{"F": {"ts_code": "603272.SH", "name": "*ST联翔", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "其他家居用品", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20220520", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.36, "pe_ttm": null, "pb": 3.5701, "dv_ttm": null, "total_mv": 190259.172, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.1, 49.1, 43.2, 29.3, 33.7, 36.6], "rev_series": [2.5, 2.8, 2.0, 1.6, 2.2, 1.4], "np_series": [0.6, 0.7, 0.4, -0.1, 0.1, -0.1], "roe_series": [27.2, 21.6, 7.4, -2.1, 1.8, -2.1], "period": "20260630", "rev_ttm": 1.2, "np_ttm": -0.2, "ocf_ttm": 0.2, "fcf_ttm": 0.0, "fcf_yield": 0.0, "ocf_yield": 0.8, "gm_median": 36.6, "gm_std": 7.0, "gm_stab": 0.81, "gm_chg_2022": -5.8, "npm_median": 5.2, "roe_median": 1.8, "commodity": false, "hard_ratio": 46.6, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 3.57, "capex_dep": 1.01, "interest_debt": 0.2, "debt_ebitda": 6.4, "debt_ratio": 19.4, "debt_mv": 1.1, "payout": 90.9, "div_years": 3, "rev_cagr3": -10.8, "np_cagr3": null, "rev_yoy": -34.1, "np_yoy": -1331.3, "np_vol": 132.6, "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", 35.0], ["墙布、窗帘及相关产品", 27.0], ["墙布,窗帘及相关产品", 27.0], ["装修服务", 4.0]], "ret_prev_year": 47.2, "ret_prev2_year": -17.8, "ret_ytd": -8.7, "ret_pivot": 116.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.3, "ret_60": -49.4, "ret_120": -23.4, "ret_250": -3.8, "mdd_250": -70.4, "vol_250": 70.8, "pos_52w": 39.9}, "S": {"duration": 100, "pricing": 50, "hard": 75, "bondness": 67}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 19%,有息负债 0 亿,经营现金流/市值 0.8%: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": "只占硬资产一条(占比 47%),没有定价权:毛利率近 5 年中位 36.6%,稳定度 81%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.6%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -5.8 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 47%,资本开支/折旧 1.01 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 -4%,最大回撤 -70%,年化波动 71%,现价在 52 周高点的 40%;近 20 / 60 / 120 日 9% / -49% / -23%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "*ST联翔:PE ;股息率 ;毛利率 比行业中位高 8.3个百分点;固定资产占比 比行业中位高 15.0个百分点。"]}}