{"F": {"ts_code": "000068.SZ", "name": "华控赛格", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "19970611", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.2, "pe_ttm": null, "pb": 5.7335, "dv_ttm": null, "total_mv": 322134.88, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.8, 9.0, 10.8, 0.1, 4.6, 13.5], "rev_series": [2.3, 9.4, 11.1, 9.2, 10.1, 8.3], "np_series": [-1.7, -1.0, -2.2, 6.5, 0.1, -1.0], "roe_series": [-37.3, -31.2, -141.0, 175.5, 1.9, -15.9], "period": "20260630", "rev_ttm": 6.0, "np_ttm": -0.6, "ocf_ttm": 1.7, "fcf_ttm": 1.6, "fcf_yield": 5.1, "ocf_yield": 5.1, "gm_median": 9.0, "gm_std": 4.7, "gm_stab": 0.47, "gm_chg_2022": -16.0, "npm_median": -11.0, "roe_median": -15.9, "commodity": false, "hard_ratio": 1.6, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 5.73, "capex_dep": 0.41, "interest_debt": 7.0, "debt_ebitda": 74.5, "debt_ratio": 73.5, "debt_mv": 21.8, "payout": null, "div_years": 0, "rev_cagr3": -9.1, "np_cagr3": null, "rev_yoy": -70.5, "np_yoy": 54.6, "np_vol": 359.9, "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", 33.0], ["工程施工", 16.0], ["工程建设", 16.0], ["软件和信息技术服务", 14.0]], "ret_prev_year": 0.9, "ret_prev2_year": -5.4, "ret_ytd": -5.3, "ret_pivot": 3.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.9, "ret_60": -7.5, "ret_120": -7.2, "ret_250": -14.0, "mdd_250": -37.2, "vol_250": 38.2, "pos_52w": 79.8}, "S": {"duration": 100, "pricing": 25, "hard": 3, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 74%,有息负债 7 亿,经营现金流/市值 5.1%: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 2%,毛利率近 5 年中位 9.0%。", "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 5.1%(经营现金流/市值 5.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.0%,稳定度 47%,2020→2022 成本通胀期毛利率变化 -16.0 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 2%,资本开支/折旧 0.41 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 -14%,最大回撤 -37%,年化波动 38%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 12% / -8% / -7%。", "行业对照": ["同申万二级「环境治理」107 家中位:PE 26.1 / 股息率 1.6% / 毛利率 27.6% / 固定资产占比 14% / 分红率 38%。", "华控赛格:PE ;股息率 ;毛利率 比行业中位低 18.6个百分点;固定资产占比 比行业中位低 12.3个百分点。"]}}