{"F": {"ts_code": "603429.SH", "name": "*ST集友", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "包装印刷", "sw3": "纸包装", "ind": "包装印刷", "fin_source": "tushare", "market": "主板", "list_date": "20170124", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.2, "pe_ttm": null, "pb": 3.8651, "dv_ttm": null, "total_mv": 482526.66, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.5, 36.7, 36.3, 41.0, 34.6, 7.3], "rev_series": [4.6, 7.0, 8.3, 6.6, 4.6, 1.7], "np_series": [0.7, 1.4, 1.7, 1.2, -0.7, -0.2], "roe_series": [6.0, 10.9, 12.3, 7.9, -5.2, -1.5], "period": "20260630", "rev_ttm": 1.1, "np_ttm": -0.3, "ocf_ttm": -0.7, "fcf_ttm": -0.6, "fcf_yield": -1.3, "ocf_yield": -1.4, "gm_median": 36.3, "gm_std": 12.1, "gm_stab": 0.67, "gm_chg_2022": -1.2, "npm_median": 17.5, "roe_median": 7.9, "commodity": false, "hard_ratio": 19.7, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 3.87, "capex_dep": -0.07, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 4.3, "debt_mv": 0.0, "payout": 68.2, "div_years": 2, "rev_cagr3": -40.9, "np_cagr3": null, "rev_yoy": -60.6, "np_yoy": -1174.3, "np_vol": 91.1, "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", 50.0], ["包装印刷品", 48.0], ["其他业务", 2.0]], "ret_prev_year": 58.3, "ret_prev2_year": -23.4, "ret_ytd": -7.2, "ret_pivot": 162.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 21.5, "ret_60": -0.4, "ret_120": 1.5, "ret_250": -7.4, "mdd_250": -48.2, "vol_250": 59.1, "pos_52w": 66.0}, "S": {"duration": 100, "pricing": 48, "hard": 32, "bondness": 47}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 4%,有息负债 0 亿,经营现金流/市值 -1.4%: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 20%,毛利率近 5 年中位 36.3%。", "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 -1.3%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.3%,稳定度 67%,2020→2022 成本通胀期毛利率变化 -1.2 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 20%,资本开支/折旧 -0.07 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 -7%,最大回撤 -48%,年化波动 59%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 22% / -0% / 2%。", "行业对照": ["同申万二级「包装印刷」46 家中位:PE 38.9 / 股息率 1.5% / 毛利率 20.3% / 固定资产占比 33% / 分红率 50%。", "*ST集友:PE ;股息率 ;毛利率 比行业中位高 16.0个百分点;固定资产占比 比行业中位低 13.1个百分点。"]}}