{"F": {"ts_code": "000635.SZ", "name": "英力特", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学原料", "sw3": "氯碱", "ind": "化学原料", "fin_source": "tushare", "market": "主板", "list_date": "19961120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.69, "pe_ttm": null, "pb": 3.0798, "dv_ttm": null, "total_mv": 303088.7384, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.8, 9.6, -7.5, -23.9, -13.9, -17.4], "rev_series": [19.6, 22.9, 18.8, 17.5, 18.5, 17.1], "np_series": [0.7, 0.0, -3.9, -6.7, -5.0, -5.5], "roe_series": [2.6, 0.2, -15.8, -34.5, -37.2, -47.6], "period": "20260630", "rev_ttm": 16.5, "np_ttm": -6.4, "ocf_ttm": -3.2, "fcf_ttm": -4.3, "fcf_yield": -14.4, "ocf_yield": -10.4, "gm_median": -13.9, "gm_std": 11.4, "gm_stab": 1.82, "gm_chg_2022": -21.3, "npm_median": -27.2, "roe_median": -34.5, "commodity": false, "hard_ratio": 79.9, "fix_assets": 18.9, "goodwill_ratio": 0.0, "pb_calc": 3.08, "capex_dep": 0.67, "interest_debt": 5.0, "debt_ebitda": null, "debt_ratio": 58.4, "debt_mv": 16.5, "payout": null, "div_years": 0, "rev_cagr3": -3.0, "np_cagr3": null, "rev_yoy": -7.2, "np_yoy": -58.6, "np_vol": 3646.8, "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": [["PVC树脂", 32.0], ["PVC", 32.0], ["烧碱", 12.0], ["PPVC糊状树脂", 9.0]], "ret_prev_year": 14.3, "ret_prev2_year": -13.3, "ret_ytd": -13.5, "ret_pivot": 29.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 20.3, "ret_60": 7.6, "ret_120": -16.7, "ret_250": -15.3, "mdd_250": -46.0, "vol_250": 42.4, "pos_52w": 71.9}, "S": {"duration": 100, "pricing": 39, "hard": 100, "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 80%,但毛利率近 5 年中位只有 -13.9%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -21.3 个百分点;资产负债率 58%,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 80%),没有定价权:毛利率近 5 年中位 -13.9%,稳定度 182%。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 -14.4%(经营现金流/市值 -10.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -13.9%,稳定度 182%,2020→2022 成本通胀期毛利率变化 -21.3 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 80%,资本开支/折旧 0.67 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 -15%,最大回撤 -46%,年化波动 42%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 20% / 8% / -17%。", "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%。", "英力特:PE ;股息率 ;毛利率 比行业中位低 30.7个百分点;固定资产占比 比行业中位高 32.5个百分点。"]}}