{"F": {"ts_code": "605289.SH", "name": "罗曼股份", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "其他专业工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20210426", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 102.75, "pe_ttm": 138.6101, "pb": 11.4622, "dv_ttm": 0.1738, "total_mv": 1568072.8875, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.2, 35.0, 34.3, 29.8, 24.1, 23.5], "rev_series": [6.0, 7.4, 3.1, 6.1, 6.9, 18.9], "np_series": [1.1, 1.2, -0.2, 0.8, -0.3, 0.5], "roe_series": [17.8, 11.9, -1.2, 6.3, -2.7, 4.2], "period": "20260630", "rev_ttm": 24.0, "np_ttm": 1.1, "ocf_ttm": 4.1, "fcf_ttm": 3.9, "fcf_yield": 2.5, "ocf_yield": 2.6, "gm_median": 29.8, "gm_std": 4.9, "gm_stab": 0.84, "gm_chg_2022": -5.9, "npm_median": 7.1, "roe_median": 4.2, "commodity": false, "hard_ratio": 10.3, "fix_assets": 3.2, "goodwill_ratio": 10.6, "pb_calc": 11.46, "capex_dep": 1.45, "interest_debt": 7.3, "debt_ebitda": 2.3, "debt_ratio": 49.5, "debt_mv": 4.7, "payout": 41.9, "div_years": 3, "rev_cagr3": 82.1, "np_cagr3": null, "rev_yoy": 118.1, "np_yoy": 444.1, "np_vol": 288.9, "loss_years": 2, "far_share": 96.0, "earn_yield": 0.7, "consensus_n": 2, "fwd_pe": 67.4, "fwd_pe2": 46.8, "fwd_g1": 106.0, "fwd_g2": 44.0, "peg": 1.53, "consensus_disp": null, "mainbz": [["产品", 37.0], ["算力基础设施板块", 16.0], ["AI算力服务", 16.0], ["城市照明板块", 11.0]], "ret_prev_year": 164.0, "ret_prev2_year": -56.5, "ret_ytd": 119.6, "ret_pivot": 637.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.7, "ret_60": -2.9, "ret_120": 8.1, "ret_250": 211.9, "mdd_250": -51.1, "vol_250": 72.3, "pos_52w": 64.4}, "S": {"duration": 97, "pricing": 48, "hard": 16, "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 1.1 亿,近 5 年亏损 2 年;PE 139 倍(盈利极薄),估值指标失真。", "资产负债率 50%,有息负债 7 亿,经营现金流/市值 2.6%: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 10%,毛利率近 5 年中位 29.8%。", "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 2.5%(经营现金流/市值 2.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -5.9 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 10%,资本开支/折旧 1.45 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 138.6 倍 粗算,约 96%(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 212%,最大回撤 -51%,年化波动 72%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -2% / -3% / 8%。", "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%。", "罗曼股份:PE 比行业中位高 98.4倍;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位高 16.2个百分点;固定资产占比 与行业中位持平。"]}}