{"F": {"ts_code": "603828.SH", "name": "*ST利达", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "装修装饰Ⅱ", "sw3": "装修装饰Ⅲ", "ind": "装修装饰Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20150226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.16, "pe_ttm": null, "pb": 6.6347, "dv_ttm": null, "total_mv": 307515.4116, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.8, 5.8, 2.2, 13.0, 10.6, 4.1], "rev_series": [26.6, 25.8, 20.9, 25.4, 24.6, 15.4], "np_series": [0.2, -3.7, -3.4, -1.3, 0.1, -2.3], "roe_series": [1.4, -26.5, -32.9, -16.1, 1.2, -37.4], "period": "20260630", "rev_ttm": 10.6, "np_ttm": -2.9, "ocf_ttm": -2.0, "fcf_ttm": -2.2, "fcf_yield": -7.1, "ocf_yield": -6.4, "gm_median": 5.8, "gm_std": 4.0, "gm_stab": 0.31, "gm_chg_2022": -9.6, "npm_median": -14.4, "roe_median": -26.5, "commodity": false, "hard_ratio": 14.3, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 6.63, "capex_dep": 0.64, "interest_debt": 13.3, "debt_ebitda": null, "debt_ratio": 85.2, "debt_mv": 43.2, "payout": null, "div_years": 0, "rev_cagr3": -9.5, "np_cagr3": null, "rev_yoy": -53.9, "np_yoy": -552.6, "np_vol": 1248.6, "loss_years": 4, "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], ["建筑幕墙工程", 31.0], ["装配式装修", 8.0], ["公共建筑装饰工程", 4.0]], "ret_prev_year": 189.0, "ret_prev2_year": -24.1, "ret_ytd": -38.4, "ret_pivot": 207.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 23.7, "ret_60": 6.6, "ret_120": -22.5, "ret_250": 14.4, "mdd_250": -58.7, "vol_250": 49.1, "pos_52w": 53.2}, "S": {"duration": 100, "pricing": 18, "hard": 23, "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 -2.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 85%,有息负债 13 亿,经营现金流/市值 -6.4%: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 5.8%。", "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 -7.1%(经营现金流/市值 -6.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.8%,稳定度 31%,2020→2022 成本通胀期毛利率变化 -9.6 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 14%,资本开支/折旧 0.64 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 14%,最大回撤 -59%,年化波动 49%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 24% / 7% / -22%。", "行业对照": ["同申万二级「装修装饰Ⅱ」22 家中位:PE 49.6 / 股息率 2.4% / 毛利率 12.9% / 固定资产占比 8% / 分红率 28%。", "*ST利达:PE ;股息率 ;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位高 6.0个百分点。"]}}