{"F": {"ts_code": "603389.SH", "name": "亚振家居", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "成品家居", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20161215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 44.17, "pe_ttm": null, "pb": 58.3181, "dv_ttm": null, "total_mv": 1160575.584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.4, 46.5, 39.8, 34.8, 37.0, 15.5], "rev_series": [3.1, 2.8, 2.4, 2.0, 1.8, 5.6], "np_series": [0.2, -0.7, -0.9, -1.3, -1.2, -0.6], "roe_series": [2.5, -10.5, -16.2, -29.3, -38.8, -25.2], "period": "20260630", "rev_ttm": 8.0, "np_ttm": -0.4, "ocf_ttm": -0.6, "fcf_ttm": -0.9, "fcf_yield": -0.8, "ocf_yield": -0.5, "gm_median": 37.0, "gm_std": 10.4, "gm_stab": 0.72, "gm_chg_2022": -10.5, "npm_median": -38.5, "roe_median": -25.2, "commodity": false, "hard_ratio": 29.9, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 58.32, "capex_dep": 1.06, "interest_debt": 5.9, "debt_ebitda": 18.5, "debt_ratio": 79.4, "debt_mv": 5.1, "payout": null, "div_years": 0, "rev_cagr3": 32.9, "np_cagr3": null, "rev_yoy": 305.8, "np_yoy": 47.1, "np_vol": 200.6, "loss_years": 5, "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", 25.0], ["选矿行业", 21.0], ["锆英砂", 8.0], ["选矿行业：锆英砂", 8.0]], "ret_prev_year": 636.7, "ret_prev2_year": -7.5, "ret_ytd": -2.2, "ret_pivot": 617.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": -23.6, "ret_120": 1.8, "ret_250": 69.9, "mdd_250": -44.9, "vol_250": 57.6, "pos_52w": 63.2}, "S": {"duration": 100, "pricing": 47, "hard": 48, "bondness": 15}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 79%,有息负债 6 亿,经营现金流/市值 -0.5%: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 30%,毛利率近 5 年中位 37.0%。", "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 -0.8%(经营现金流/市值 -0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.0%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -10.5 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 30%,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 70%,最大回撤 -45%,年化波动 58%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -3% / -24% / 2%。", "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%。", "亚振家居:PE ;股息率 ;毛利率 比行业中位高 8.7个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}