{"F": {"ts_code": "603789.SH", "name": "ST星农", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "农用机械", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20150427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.13, "pe_ttm": null, "pb": 28.0028, "dv_ttm": null, "total_mv": 162576.5498, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-1.5, -2.7, -2.6, -0.5, -15.2, 5.1], "rev_series": [2.5, 4.0, 2.4, 2.5, 2.7, 3.9], "np_series": [-2.8, -1.9, -1.6, -0.6, -1.7, -1.0], "roe_series": [-30.3, -26.4, -29.2, -13.9, -53.5, -52.7], "period": "20260630", "rev_ttm": 4.8, "np_ttm": -1.4, "ocf_ttm": -0.6, "fcf_ttm": -0.9, "fcf_yield": -5.4, "ocf_yield": -3.7, "gm_median": -2.6, "gm_std": 6.6, "gm_stab": 3.55, "gm_chg_2022": -1.2, "npm_median": -48.0, "roe_median": -29.2, "commodity": false, "hard_ratio": 26.1, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 28.0, "capex_dep": 0.88, "interest_debt": 3.0, "debt_ebitda": null, "debt_ratio": 84.8, "debt_mv": 18.5, "payout": null, "div_years": 0, "rev_cagr3": 16.6, "np_cagr3": null, "rev_yoy": 82.2, "np_yoy": -92.2, "np_vol": 91.0, "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", 47.0], ["其他业务", 3.0]], "ret_prev_year": -31.2, "ret_prev2_year": -28.0, "ret_ytd": 15.2, "ret_pivot": -8.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.0, "ret_60": 13.5, "ret_120": 14.2, "ret_250": 2.9, "mdd_250": -20.8, "vol_250": 39.9, "pos_52w": 86.8}, "S": {"duration": 100, "pricing": 42, "hard": 42, "bondness": 6}, "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 85%,有息负债 3 亿,经营现金流/市值 -3.7%: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": "两条都不占:固定资产占比 26%,毛利率近 5 年中位 -2.6%。", "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 -5.4%(经营现金流/市值 -3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -2.6%,稳定度 355%,2020→2022 成本通胀期毛利率变化 -1.2 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 26%,资本开支/折旧 0.88 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 3%,最大回撤 -21%,年化波动 40%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 -1% / 14% / 14%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "ST星农:PE ;股息率 ;毛利率 比行业中位低 28.9个百分点;固定资产占比 比行业中位高 8.1个百分点。"]}}