{"F": {"ts_code": "000032.SZ", "name": "深桑达A", "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": "19931028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.99, "pe_ttm": null, "pb": 2.3478, "dv_ttm": 0.1787, "total_mv": 1700035.8407, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.6, 11.9, 11.4, 11.3, 10.2, 9.7], "rev_series": [15.2, 427.0, 510.5, 562.8, 673.9, 491.7], "np_series": [1.5, 3.6, -1.6, 3.3, 3.3, -1.3], "roe_series": [9.8, 9.5, -2.8, 5.5, 5.1, -1.8], "period": "20260630", "rev_ttm": 500.0, "np_ttm": -2.4, "ocf_ttm": 26.6, "fcf_ttm": 23.3, "fcf_yield": 13.7, "ocf_yield": 15.6, "gm_median": 11.3, "gm_std": 0.8, "gm_stab": 0.93, "gm_chg_2022": -13.2, "npm_median": 1.4, "roe_median": 5.1, "commodity": false, "hard_ratio": 7.4, "fix_assets": 53.2, "goodwill_ratio": 0.2, "pb_calc": 2.35, "capex_dep": 0.64, "interest_debt": 119.6, "debt_ebitda": 7.4, "debt_ratio": 82.2, "debt_mv": 70.4, "payout": 39.7, "div_years": 5, "rev_cagr3": -1.2, "np_cagr3": null, "rev_yoy": 3.5, "np_yoy": -113.8, "np_vol": 165.7, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 53.8, "fwd_pe2": 37.8, "fwd_g1": null, "fwd_g2": 42.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["产品", 49.0], ["洁净室整体解决方案", 42.0], ["洁净室专业化产品服务", 4.0], ["数字供热与新能源服务", 2.0]], "ret_prev_year": 10.5, "ret_prev2_year": -16.4, "ret_ytd": -27.6, "ret_pivot": 5.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.5, "ret_60": -18.7, "ret_120": -21.0, "ret_250": -43.9, "mdd_250": -55.9, "vol_250": 57.4, "pos_52w": 50.1}, "S": {"duration": 100, "pricing": 42, "hard": 12, "bondness": 50}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.4 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 82%,有息负债 120 亿,经营现金流/市值 15.6%: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 7%,毛利率近 5 年中位 11.3%。", "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?", "自由现金流/市值 13.7%(经营现金流/市值 15.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.3%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -13.2 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 0.64 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 -44%,最大回撤 -56%,年化波动 57%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -6% / -19% / -21%。", "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%。", "深桑达A:PE ;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}