{"F": {"ts_code": "000545.SZ", "name": "金浦钛业", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学原料", "sw3": "钛白粉", "ind": "化学原料", "fin_source": "tushare", "market": "主板", "list_date": "19931215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.22, "pe_ttm": null, "pb": 3.4256, "dv_ttm": null, "total_mv": 219076.9482, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.5, 20.5, 6.3, 3.7, 2.5, -3.8], "rev_series": [18.3, 26.2, 25.1, 22.6, 21.3, 15.7], "np_series": [-2.5, 1.1, -1.5, -1.6, -2.4, -4.9], "roe_series": [-12.9, 5.8, -7.9, -10.2, -19.4, -55.0], "period": "20260630", "rev_ttm": 14.6, "np_ttm": -3.2, "ocf_ttm": -0.6, "fcf_ttm": -0.9, "fcf_yield": -4.2, "ocf_yield": -2.7, "gm_median": 3.7, "gm_std": 8.0, "gm_stab": -1.17, "gm_chg_2022": -2.2, "npm_median": -7.1, "roe_median": -10.2, "commodity": false, "hard_ratio": 54.0, "fix_assets": 12.4, "goodwill_ratio": 0.0, "pb_calc": 3.43, "capex_dep": 0.41, "interest_debt": 4.0, "debt_ebitda": null, "debt_ratio": 60.9, "debt_mv": 18.1, "payout": null, "div_years": 0, "rev_cagr3": -14.4, "np_cagr3": null, "rev_yoy": -12.3, "np_yoy": 92.3, "np_vol": 123.4, "loss_years": 4, "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": [["金红石型钛白粉", 35.0], ["其他主营业务", 23.0], ["其他", 23.0], ["硫酸", 17.0]], "ret_prev_year": 29.4, "ret_prev2_year": -28.1, "ret_ytd": -21.3, "ret_pivot": 22.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.3, "ret_60": -4.3, "ret_120": -43.7, "ret_250": -32.3, "mdd_250": -47.8, "vol_250": 57.1, "pos_52w": 54.4}, "S": {"duration": 100, "pricing": 8, "hard": 86, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 54%,但毛利率近 5 年中位只有 3.7%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -2.2 个百分点;资产负债率 61%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 54%),没有定价权:毛利率近 5 年中位 3.7%,稳定度 -117%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -4.2%(经营现金流/市值 -2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 3.7%,稳定度 -117%,2020→2022 成本通胀期毛利率变化 -2.2 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 54%,资本开支/折旧 0.41 倍。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 -32%,最大回撤 -48%,年化波动 57%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -12% / -4% / -44%。", "行业对照": ["同申万二级「化学原料」59 家中位:PE 35.9 / 股息率 0.9% / 毛利率 16.8% / 固定资产占比 47% / 分红率 40%。", "金浦钛业:PE ;股息率 ;毛利率 比行业中位低 13.1个百分点;固定资产占比 比行业中位高 6.6个百分点。"]}}