{"F": {"ts_code": "603359.SH", "name": "*ST东珠", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "园林工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20170901", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.4, "pe_ttm": null, "pb": 0.775, "dv_ttm": null, "total_mv": 107063.04, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.0, 29.7, 23.0, 24.8, 3.4, 9.0], "rev_series": [23.4, 27.1, 12.4, 8.3, 3.8, 2.8], "np_series": [3.8, 4.8, 0.3, -3.1, -6.3, -10.8], "roe_series": [12.6, 14.1, 1.0, -9.3, -21.7, -55.2], "period": "20260630", "rev_ttm": 1.7, "np_ttm": -11.1, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 5.1, "ocf_yield": 5.1, "gm_median": 23.0, "gm_std": 10.0, "gm_stab": 0.56, "gm_chg_2022": -6.0, "npm_median": -39.3, "roe_median": -9.3, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 0.78, "capex_dep": 0.05, "interest_debt": 3.3, "debt_ebitda": null, "debt_ratio": 71.1, "debt_mv": 30.8, "payout": null, "div_years": 3, "rev_cagr3": -38.9, "np_cagr3": null, "rev_yoy": -53.5, "np_yoy": -276.3, "np_vol": 381.3, "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": [["产品", 40.0], ["市政景观", 21.0], ["生态修复工程收入", 19.0], ["生态修复", 19.0]], "ret_prev_year": 72.5, "ret_prev2_year": -27.9, "ret_ytd": -74.8, "ret_pivot": -28.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.7, "ret_60": -6.6, "ret_120": -62.9, "ret_250": -69.1, "mdd_250": -82.2, "vol_250": 58.1, "pos_52w": 21.5}, "S": {"duration": 100, "pricing": 35, "hard": 0, "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 -11.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 71%,有息负债 3 亿,经营现金流/市值 5.1%: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 0%,毛利率近 5 年中位 23.0%。", "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 5.1%(经营现金流/市值 5.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.0%,稳定度 56%,2020→2022 成本通胀期毛利率变化 -6.0 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 0%,资本开支/折旧 0.05 倍。没有资产可言。"], ["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 -69%,最大回撤 -82%,年化波动 58%,现价在 52 周高点的 22%;近 20 / 60 / 120 日 7% / -7% / -63%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "*ST东珠:PE ;股息率 ;毛利率 比行业中位高 10.6个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}