{"F": {"ts_code": "000652.SZ", "name": "泰达股份", "mkt": "CN", "ccy": "元", "sw1": "综合", "sw2": "综合Ⅱ", "sw3": "综合Ⅲ", "ind": "综合Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19961128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.49, "pe_ttm": null, "pb": 0.9398, "dv_ttm": null, "total_mv": 509307.566, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.8, 5.4, 6.8, 6.3, 3.3, 5.3], "rev_series": [188.4, 211.8, 202.5, 210.7, 190.7, 178.7], "np_series": [2.0, 2.4, 1.8, 1.8, 1.1, -2.9], "roe_series": [4.1, 4.7, 3.3, 3.3, 2.0, -5.1], "period": "20260630", "rev_ttm": 110.5, "np_ttm": -3.0, "ocf_ttm": -0.3, "fcf_ttm": -5.5, "fcf_yield": -10.8, "ocf_yield": -0.6, "gm_median": 5.4, "gm_std": 1.2, "gm_stab": 0.78, "gm_chg_2022": 0.9, "npm_median": 0.2, "roe_median": 3.3, "commodity": false, "hard_ratio": 5.9, "fix_assets": 22.6, "goodwill_ratio": 0.2, "pb_calc": 0.94, "capex_dep": 4.54, "interest_debt": 216.6, "debt_ebitda": 25.3, "debt_ratio": 82.9, "debt_mv": 425.3, "payout": 35.5, "div_years": 4, "rev_cagr3": -4.1, "np_cagr3": null, "rev_yoy": -77.6, "np_yoy": -15.1, "np_vol": 137.6, "loss_years": 1, "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": [["贸易商品", 26.0], ["化工产品贸易", 26.0], ["垃圾处理及发电收入", 23.0], ["垃圾处理及发电", 23.0]], "ret_prev_year": 1.2, "ret_prev2_year": 7.6, "ret_ytd": -16.1, "ret_pivot": 11.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": 0.3, "ret_120": -15.1, "ret_250": -25.3, "mdd_250": -30.8, "vol_250": 30.4, "pos_52w": 73.6}, "S": {"duration": 100, "pricing": 38, "hard": 9, "bondness": 47}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 83%,有息负债 217 亿,经营现金流/市值 -0.6%: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 6%,毛利率近 5 年中位 5.4%。", "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 -10.8%(经营现金流/市值 -0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.4%,稳定度 78%,2020→2022 成本通胀期毛利率变化 0.9 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 6%,资本开支/折旧 4.54 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 -25%,最大回撤 -31%,年化波动 30%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 1% / 0% / -15%。", "行业对照": ["同申万二级「综合Ⅱ」20 家中位:PE 46.7 / 股息率 0.9% / 毛利率 15.5% / 固定资产占比 12% / 分红率 35%。", "泰达股份:PE ;股息率 ;毛利率 比行业中位低 10.1个百分点;固定资产占比 比行业中位低 6.5个百分点。"]}}