{"F": {"ts_code": "603466.SH", "name": "风语筑", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "数字媒体", "sw3": "其他数字媒体", "ind": "数字媒体", "fin_source": "tushare", "market": "主板", "list_date": "20171020", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.39, "pe_ttm": 126.2188, "pb": 3.4773, "dv_ttm": 0.1614, "total_mv": 736992.5115, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.9, 33.0, 27.1, 29.9, 23.0, 23.3], "rev_series": [22.6, 29.4, 16.8, 23.5, 13.8, 16.6], "np_series": [3.4, 4.4, 0.7, 2.8, -1.4, -0.2], "roe_series": [18.8, 20.6, 2.9, 12.1, -5.8, -0.9], "period": "20260630", "rev_ttm": 16.5, "np_ttm": 0.6, "ocf_ttm": 1.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.6, "gm_median": 27.1, "gm_std": 3.8, "gm_stab": 0.86, "gm_chg_2022": -7.7, "npm_median": 3.9, "roe_median": 2.9, "commodity": false, "hard_ratio": 2.7, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 3.42, "capex_dep": null, "interest_debt": 5.4, "debt_ebitda": 6.6, "debt_ratio": 50.7, "debt_mv": 7.4, "payout": 42.6, "div_years": 5, "rev_cagr3": -0.4, "np_cagr3": null, "rev_yoy": -0.9, "np_yoy": 452.8, "np_vol": 164.9, "loss_years": 2, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 4, "fwd_pe": 51.1, "fwd_pe2": 43.9, "fwd_g1": 147.0, "fwd_g2": 16.0, "peg": 3.19, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0]], "ret_prev_year": 2.6, "ret_prev2_year": -34.8, "ret_ytd": 32.7, "ret_pivot": 90.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.2, "ret_60": 14.4, "ret_120": 24.1, "ret_250": 11.5, "mdd_250": -31.8, "vol_250": 56.8, "pos_52w": 90.3}, "S": {"duration": 96, "pricing": 47, "hard": 4, "bondness": 51}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.6 亿,近 5 年亏损 2 年;PE 126 倍(盈利极薄),估值指标失真。", "资产负债率 51%,有息负债 5 亿,经营现金流/市值 1.6%: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 3%,毛利率近 5 年中位 27.1%。", "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?", "经营现金流/市值 1.6%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.1%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -7.7 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 3%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 126.2 倍 粗算,约 96%(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 12%,最大回撤 -32%,年化波动 57%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 9% / 14% / 24%。", "行业对照": ["同申万二级「数字媒体」14 家中位:PE 85.8 / 股息率 0.7% / 毛利率 44.0% / 固定资产占比 2% / 分红率 55%。", "风语筑:PE 比行业中位高 40.4倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 16.9个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}