{"F": {"ts_code": "603557.SH", "name": "*ST起步", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "鞋帽及其他", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20170818", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.23, "pe_ttm": null, "pb": 47.4332, "dv_ttm": null, "total_mv": 201370.1187, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.8, 30.8, 33.7, 37.5, 48.5, 48.0], "rev_series": [7.7, 10.5, 3.5, 2.7, 3.1, 1.6], "np_series": [-2.8, -2.3, -4.8, -6.6, -1.2, -1.4], "roe_series": [-17.0, -14.6, -55.1, -190.5, -192.2, -188.6], "period": "20260630", "rev_ttm": 6.8, "np_ttm": -1.4, "ocf_ttm": -0.9, "fcf_ttm": -0.9, "fcf_yield": -4.7, "ocf_yield": -4.5, "gm_median": 37.5, "gm_std": 7.3, "gm_stab": 0.81, "gm_chg_2022": 13.9, "npm_median": -87.7, "roe_median": -188.6, "commodity": false, "hard_ratio": 14.0, "fix_assets": 1.2, "goodwill_ratio": 1.3, "pb_calc": 47.43, "capex_dep": 0.28, "interest_debt": 3.9, "debt_ebitda": null, "debt_ratio": 91.6, "debt_mv": 19.5, "payout": null, "div_years": 0, "rev_cagr3": -23.3, "np_cagr3": null, "rev_yoy": 603.6, "np_yoy": -15.0, "np_vol": 64.5, "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", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 1.2, "ret_prev2_year": 13.6, "ret_ytd": 27.7, "ret_pivot": 63.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.6, "ret_60": -29.9, "ret_120": -19.5, "ret_250": 19.6, "mdd_250": -36.4, "vol_250": 45.5, "pos_52w": 64.0}, "S": {"duration": 100, "pricing": 58, "hard": 22, "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 -1.4 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 92%,有息负债 4 亿,经营现金流/市值 -4.5%: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 14%,毛利率近 5 年中位 37.5%。", "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 -4.7%(经营现金流/市值 -4.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.5%,稳定度 81%,2020→2022 成本通胀期毛利率变化 13.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 14%,资本开支/折旧 0.28 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 20%,最大回撤 -36%,年化波动 46%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -14% / -30% / -20%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "*ST起步:PE ;股息率 ;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}