{"F": {"ts_code": "603378.SH", "name": "*ST亚士", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "涂料", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20170928", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.29, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 312446.9214, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.5, 24.0, 32.4, 30.5, 19.2, -0.3], "rev_series": [35.1, 47.2, 31.1, 31.1, 20.5, 4.6], "np_series": [3.2, -5.4, 1.1, 0.6, -3.3, -13.8], "roe_series": [18.5, -29.7, 6.3, 3.5, -21.6, -222.6], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -14.1, "ocf_ttm": 1.3, "fcf_ttm": 1.2, "fcf_yield": 3.9, "ocf_yield": 4.2, "gm_median": 24.0, "gm_std": 11.7, "gm_stab": 0.51, "gm_chg_2022": -0.1, "npm_median": -11.5, "roe_median": -21.6, "commodity": false, "hard_ratio": 46.5, "fix_assets": 17.4, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.07, "interest_debt": 23.2, "debt_ebitda": null, "debt_ratio": 107.7, "debt_mv": 74.4, "payout": 62.7, "div_years": 2, "rev_cagr3": -47.0, "np_cagr3": null, "rev_yoy": -52.3, "np_yoy": -16.7, "np_vol": 261.0, "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", 44.0], ["功能型建筑涂料", 21.0], ["建筑节能材料", 12.0], ["建筑节能", 12.0]], "ret_prev_year": 6.1, "ret_prev2_year": -23.7, "ret_ytd": 7.0, "ret_pivot": 24.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 30.9, "ret_60": 35.8, "ret_120": 17.0, "ret_250": 19.3, "mdd_250": -59.3, "vol_250": 58.1, "pos_52w": 72.8}, "S": {"duration": 100, "pricing": 37, "hard": 74, "bondness": 45}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -14.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 108%,有息负债 23 亿,经营现金流/市值 4.2%: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": "只占硬资产一条(占比 46%),没有定价权:毛利率近 5 年中位 24.0%,稳定度 51%。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 3.9%(经营现金流/市值 4.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.0%,稳定度 51%,2020→2022 成本通胀期毛利率变化 -0.1 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 46%,资本开支/折旧 0.07 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 19%,最大回撤 -59%,年化波动 58%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 31% / 36% / 17%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "*ST亚士:PE ;股息率 ;毛利率 比行业中位高 3.3个百分点;固定资产占比 比行业中位高 25.7个百分点。"]}}