{"F": {"ts_code": "000546.SZ", "name": "金圆股份", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "固废治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "19931215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.63, "pe_ttm": null, "pb": 0.9833, "dv_ttm": null, "total_mv": 360051.1629, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.7, 8.9, 0.2, 1.6, -0.3, -1.5], "rev_series": [86.7, 87.4, 56.1, 28.4, 67.3, 94.3], "np_series": [4.7, 0.9, -2.1, -6.8, 0.4, -2.5], "roe_series": [10.9, 1.8, -4.2, -15.0, 1.0, -6.2], "period": "20260630", "rev_ttm": 121.0, "np_ttm": -4.4, "ocf_ttm": -0.9, "fcf_ttm": -2.0, "fcf_yield": -5.6, "ocf_yield": -2.4, "gm_median": 0.2, "gm_std": 3.7, "gm_stab": -17.47, "gm_chg_2022": -14.5, "npm_median": -3.2, "roe_median": -4.2, "commodity": false, "hard_ratio": 26.5, "fix_assets": 15.5, "goodwill_ratio": 0.0, "pb_calc": 0.98, "capex_dep": 1.04, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 31.0, "debt_mv": 0.4, "payout": null, "div_years": 1, "rev_cagr3": 18.9, "np_cagr3": null, "rev_yoy": 63.9, "np_yoy": -374.8, "np_vol": 282.9, "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": [["固废危废资源化综合利用", 50.0], ["固(危)废资源化综合利用", 50.0], ["固废危废无害化处置收入", 0.0], ["固(危)废无害化处置", 0.0]], "ret_prev_year": 29.4, "ret_prev2_year": -41.7, "ret_ytd": -27.4, "ret_pivot": -7.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.7, "ret_60": -9.9, "ret_120": -27.3, "ret_250": -11.3, "mdd_250": -49.6, "vol_250": 56.0, "pos_52w": 59.1}, "S": {"duration": 100, "pricing": 4, "hard": 42, "bondness": 4}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 31%,有息负债 0 亿,经营现金流/市值 -2.4%: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 26%,毛利率近 5 年中位 0.2%。", "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 -5.6%(经营现金流/市值 -2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 0.2%,稳定度 -1747%,2020→2022 成本通胀期毛利率变化 -14.5 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 26%,资本开支/折旧 1.04 倍。有一些。"], ["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 -11%,最大回撤 -50%,年化波动 56%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -2% / -10% / -27%。", "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%。", "金圆股份:PE ;股息率 ;毛利率 比行业中位低 27.4个百分点;固定资产占比 比行业中位高 12.6个百分点。"]}}