{"F": {"ts_code": "HK.00191", "name": "丽新国际", "mkt": "HK", "ccy": "港元", "sw1": "综合企业", "sw2": "综合企业", "sw3": "", "ind": "综合企业", "fin_source": "futu", "market": "主板", "list_date": "19871203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.5, "pe_ttm": -0.197, "pb": 0.031, "dv_ttm": 0.0, "total_mv": 44168.69505, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [21.3], "rev_series": [50.0], "np_series": [-32.4], "roe_series": [-11.0], "rev_ttm": 50.0, "np_ttm": -22.3, "ocf_ttm": -0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -8.2, "gm_median": 21.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -64.8, "roe_median": -11.0, "commodity": false, "hard_ratio": 8.0, "fix_assets": 55.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -20.2, "debt_ratio": 53.6, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -18.1, "np_yoy": 23.9, "np_vol": null, "loss_years": 1, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 0.0, "ret_20": -3.8, "ret_60": -19.4, "ret_120": -31.5, "ret_250": -13.8, "mdd_250": null, "vol_250": null, "pos_52w": 45.5, "eps": -1.897}, "S": {"duration": 100, "pricing": 43, "hard": 13, "bondness": 13}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -22.3 亿;PE 为负,估值指标失真。", "资产负债率 54%,有息负债 —,经营现金流/市值 -8.2%: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 8%,毛利率最新年报 21.3%。", "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?", "经营现金流/市值 -8.2%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 21.3%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。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%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -4% / -19% / -32%。", "行业对照": ["同富途行业「综合企业」19 家中位:PE 7.4 / 股息率 3.3% / 毛利率 44.1% / 固定资产占比 7% / 分红率 46%。", "丽新国际:PE 比行业中位低 7.6倍;股息率 比行业中位低 3.3个百分点;毛利率 比行业中位低 22.8个百分点;固定资产占比 比行业中位高 0.8个百分点。"]}}