{"F": {"ts_code": "603717.SH", "name": "天域生物", "mkt": "CN", "ccy": "元", "sw1": "农林牧渔", "sw2": "养殖业", "sw3": "生猪养殖", "ind": "养殖业", "fin_source": "tushare", "market": "主板", "list_date": "20170327", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.54, "pe_ttm": null, "pb": 5.6003, "dv_ttm": null, "total_mv": 189755.6148, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.6, 7.7, 11.3, -34.4, 10.8, -0.1], "rev_series": [5.8, 6.4, 9.4, 6.7, 8.0, 7.3], "np_series": [-1.6, -2.1, -3.1, -4.6, -1.1, -1.1], "roe_series": [-11.9, -16.2, -24.7, -52.7, -18.4, -23.0], "period": "20260630", "rev_ttm": 6.6, "np_ttm": -1.7, "ocf_ttm": 1.6, "fcf_ttm": 1.3, "fcf_yield": 6.9, "ocf_yield": 8.6, "gm_median": 7.7, "gm_std": 17.2, "gm_stab": -1.24, "gm_chg_2022": 0.7, "npm_median": -28.4, "roe_median": -23.0, "commodity": false, "hard_ratio": 12.8, "fix_assets": 3.7, "goodwill_ratio": 0.1, "pb_calc": 5.6, "capex_dep": 0.7, "interest_debt": 10.6, "debt_ebitda": null, "debt_ratio": 81.0, "debt_mv": 55.6, "payout": null, "div_years": 0, "rev_cagr3": -8.4, "np_cagr3": null, "rev_yoy": -15.0, "np_yoy": -602.6, "np_vol": 46.9, "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", 33.0], ["生态农牧食品业务板块", 30.0], ["生态农牧业务", 30.0], ["生态环境业务板块", 2.0]], "ret_prev_year": -2.6, "ret_prev2_year": 4.7, "ret_ytd": -16.6, "ret_pivot": 33.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.8, "ret_60": 1.1, "ret_120": -11.9, "ret_250": -28.4, "mdd_250": -55.4, "vol_250": 50.3, "pos_52w": 59.2}, "S": {"duration": 100, "pricing": 12, "hard": 20, "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 -1.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 81%,有息负债 11 亿,经营现金流/市值 8.6%: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 13%,毛利率近 5 年中位 7.7%。", "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 6.9%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.7%,稳定度 -124%,2020→2022 成本通胀期毛利率变化 0.7 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 13%,资本开支/折旧 0.70 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 -28%,最大回撤 -55%,年化波动 50%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 9% / 1% / -12%。", "行业对照": ["同申万二级「养殖业」22 家中位:PE 39.4 / 股息率 1.6% / 毛利率 11.1% / 固定资产占比 50% / 分红率 50%。", "天域生物:PE ;股息率 ;毛利率 比行业中位低 3.4个百分点;固定资产占比 比行业中位低 37.4个百分点。"]}}