{"F": {"ts_code": "603777.SH", "name": "来伊份", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "休闲食品", "sw3": "零食", "ind": "休闲食品", "fin_source": "tushare", "market": "主板", "list_date": "20161012", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.05, "pe_ttm": null, "pb": 3.1696, "dv_ttm": null, "total_mv": 469866.001, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.4, 43.5, 43.1, 42.2, 41.0, 30.5], "rev_series": [40.3, 41.7, 43.8, 39.8, 33.7, 38.2], "np_series": [-0.7, 0.3, 1.0, 0.6, -0.8, -1.6], "roe_series": [-3.8, 1.8, 5.8, 3.1, -4.2, -9.7], "period": "20260630", "rev_ttm": 36.9, "np_ttm": -2.0, "ocf_ttm": 0.8, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 1.7, "gm_median": 42.2, "gm_std": 4.9, "gm_stab": 0.88, "gm_chg_2022": 0.8, "npm_median": 0.7, "roe_median": 1.8, "commodity": false, "hard_ratio": 11.7, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 3.17, "capex_dep": 1.46, "interest_debt": 3.3, "debt_ebitda": 2.4, "debt_ratio": 42.5, "debt_mv": 7.1, "payout": 30.1, "div_years": 2, "rev_cagr3": -4.5, "np_cagr3": null, "rev_yoy": -6.6, "np_yoy": -81.8, "np_vol": 169.1, "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", 41.0], ["肉制品及水产品", 9.0], ["蜜饯及果蔬", 7.0], ["糖果蜜饯及果蔬", 7.0]], "ret_prev_year": -11.0, "ret_prev2_year": 15.3, "ret_ytd": 2.3, "ret_pivot": 65.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.4, "ret_60": -12.1, "ret_120": 8.9, "ret_250": -0.8, "mdd_250": -43.5, "vol_250": 48.4, "pos_52w": 66.7}, "S": {"duration": 100, "pricing": 60, "hard": 19, "bondness": 38}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 42%,有息负债 3 亿,经营现金流/市值 1.7%: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": "只占定价权一条(毛利率 42.2%),硬资产占比 12%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.1%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.2%,稳定度 88%,2020→2022 成本通胀期毛利率变化 0.8 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 12%,资本开支/折旧 1.46 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 -1%,最大回撤 -44%,年化波动 48%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -3% / -12% / 9%。", "行业对照": ["同申万二级「休闲食品」22 家中位:PE 21.1 / 股息率 2.9% / 毛利率 29.5% / 固定资产占比 31% / 分红率 67%。", "来伊份:PE ;股息率 ;毛利率 比行业中位高 12.7个百分点;固定资产占比 比行业中位低 19.2个百分点。"]}}