{"F": {"ts_code": "603959.SH", "name": "ST百利", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "化学工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20160517", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.33, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 212299.467, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.5, 19.5, 10.1, 11.8, 8.5, 15.4], "rev_series": [14.0, 10.4, 32.2, 20.7, 12.2, 7.4], "np_series": [0.2, 0.3, 0.1, -1.2, -4.0, -1.5], "roe_series": [4.4, 4.6, 1.3, -19.7, -118.2, -164.8], "period": "20260630", "rev_ttm": 3.6, "np_ttm": -2.3, "ocf_ttm": -0.6, "fcf_ttm": -0.6, "fcf_yield": -3.0, "ocf_yield": -3.0, "gm_median": 11.8, "gm_std": 4.0, "gm_stab": 0.66, "gm_chg_2022": -2.4, "npm_median": -5.6, "roe_median": -19.7, "commodity": false, "hard_ratio": 6.8, "fix_assets": 1.3, "goodwill_ratio": 0.6, "pb_calc": null, "capex_dep": 0.03, "interest_debt": 6.5, "debt_ebitda": null, "debt_ratio": 103.9, "debt_mv": 30.5, "payout": null, "div_years": 0, "rev_cagr3": -38.7, "np_cagr3": null, "rev_yoy": -73.2, "np_yoy": -149.4, "np_vol": 576.4, "loss_years": 3, "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], ["新能源材料智能产线系统", 28.0], ["工程总承包", 17.0], ["工程咨询、设计", 7.0]], "ret_prev_year": 28.7, "ret_prev2_year": -49.8, "ret_ytd": -24.6, "ret_pivot": 140.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.7, "ret_60": 17.0, "ret_120": -29.2, "ret_250": -21.7, "mdd_250": -52.6, "vol_250": 59.2, "pos_52w": 55.5}, "S": {"duration": 100, "pricing": 35, "hard": 11, "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 -2.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 104%,有息负债 6 亿,经营现金流/市值 -3.0%: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 7%,毛利率近 5 年中位 11.8%。", "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 -3.0%(经营现金流/市值 -3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.8%,稳定度 66%,2020→2022 成本通胀期毛利率变化 -2.4 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 7%,资本开支/折旧 0.03 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 -22%,最大回撤 -53%,年化波动 59%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -6% / 17% / -29%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "ST百利:PE ;股息率 ;毛利率 比行业中位低 1.8个百分点;固定资产占比 比行业中位低 3.5个百分点。"]}}