{"F": {"ts_code": "000691.SZ", "name": "亚太实业", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学原料", "sw3": "其他化学原料", "ind": "化学原料", "fin_source": "tushare", "market": "主板", "list_date": "19970228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.05, "pe_ttm": null, "pb": 10.8426, "dv_ttm": null, "total_mv": 487329.525, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.2, 22.3, 16.3, 12.0, 9.4, 12.7], "rev_series": [2.7, 5.2, 5.5, 3.7, 4.4, 5.2], "np_series": [0.2, 0.2, 0.0, -1.0, -1.1, -0.4], "roe_series": [21.2, 14.0, 1.0, -114.6, null, -18.5], "period": "20260630", "rev_ttm": 5.9, "np_ttm": -0.1, "ocf_ttm": 0.1, "fcf_ttm": 0.1, "fcf_yield": 0.1, "ocf_yield": 0.1, "gm_median": 12.7, "gm_std": 4.4, "gm_stab": 0.65, "gm_chg_2022": -6.9, "npm_median": -6.5, "roe_median": -8.8, "commodity": false, "hard_ratio": 23.3, "fix_assets": 2.1, "goodwill_ratio": 2.1, "pb_calc": 10.84, "capex_dep": -0.01, "interest_debt": 1.4, "debt_ebitda": 4.4, "debt_ratio": 35.5, "debt_mv": 2.8, "payout": null, "div_years": 0, "rev_cagr3": -1.7, "np_cagr3": null, "rev_yoy": 29.2, "np_yoy": 92.7, "np_vol": 3148.2, "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": [["化工产品-吡啶类", 88.0], ["化工产品-非吡啶类", 12.0]], "ret_prev_year": 165.3, "ret_prev2_year": -32.3, "ret_ytd": 65.7, "ret_pivot": 265.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.2, "ret_60": 1.2, "ret_120": 19.5, "ret_250": 104.8, "mdd_250": -35.2, "vol_250": 61.7, "pos_52w": 74.5}, "S": {"duration": 100, "pricing": 33, "hard": 37, "bondness": 33}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 36%,有息负债 1 亿,经营现金流/市值 0.1%: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 23%,毛利率近 5 年中位 12.7%。", "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 0.1%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.7%,稳定度 65%,2020→2022 成本通胀期毛利率变化 -6.9 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 23%,资本开支/折旧 -0.01 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 105%,最大回撤 -35%,年化波动 62%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 2% / 1% / 20%。", "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%。", "亚太实业:PE ;股息率 ;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位低 24.1个百分点。"]}}