{"F": {"ts_code": "US.IAUX", "name": "I-80 Gold", "mkt": "US", "ccy": "美元", "sw1": "黄金", "sw2": "黄金", "sw3": "", "ind": "黄金", "fin_source": "futu", "market": "AMEX", "list_date": "20210421", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": true, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.79, "pe_ttm": -5.774, "pb": 6.006, "dv_ttm": 0.0, "total_mv": 154996.401257, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [12.1], "rev_series": [1.0], "np_series": [-2.0], "roe_series": [-57.9], "rev_ttm": 1.0, "np_ttm": -2.6, "ocf_ttm": -1.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -9.3, "gm_median": 12.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -208.9, "roe_median": -57.9, "commodity": true, "hard_ratio": 43.0, "fix_assets": 2.9, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -1.7, "debt_ratio": 50.7, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 89.1, "np_yoy": -63.6, "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": 22.6, "ret_20": 10.5, "ret_60": 30.7, "ret_120": 7.2, "ret_250": 107.2, "mdd_250": null, "vol_250": null, "pos_52w": 79.9, "eps": -0.3}, "S": {"duration": 100, "pricing": 70, "hard": 69, "bondness": 13}, "label": "亏损或困境", "tags": ["商品定价"], "text": {"像什么": ["TTM 归母净利 -2.6 亿;PE 为负,估值指标失真。", "资产负债率 51%,有息负债 —,经营现金流/市值 -9.3%: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": "硬资产占比 43%、毛利率 12.1% 两条都占,但所在行业(黄金)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。 注意:金矿股不等于黄金,有运营杠杆和自身成本通胀,对冲美元信用直接买黄金 ETF 更纯。", "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 -9.3%(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 12.1%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 43%。涨。"], ["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 107%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 10% / 31% / 7%。", "行业对照": ["同富途行业「黄金」53 家中位:PE 14.2 / 股息率 0.0% / 毛利率 50.2% / 固定资产占比 55% / 分红率 6%。", "I-80 Gold:PE 比行业中位低 20.0倍;股息率 与行业中位持平;毛利率 比行业中位低 38.1个百分点;固定资产占比 比行业中位低 12.4个百分点。"]}}