{"F": {"ts_code": "000820.SZ", "name": "神雾节能", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环保设备Ⅱ", "sw3": "环保设备Ⅲ", "ind": "环保设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19980630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.65, "pe_ttm": null, "pb": 29.8274, "dv_ttm": null, "total_mv": 235992.648, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-403.0, 15.4, 14.5, 20.1, 22.1, 11.1], "rev_series": [0.0, 1.2, 1.6, 1.6, 0.5, 3.3], "np_series": [-3.6, 19.9, -0.2, -0.2, -0.3, -0.6], "roe_series": [null, null, -20.4, -22.4, -25.7, -57.5], "period": "20260630", "rev_ttm": 3.7, "np_ttm": -0.6, "ocf_ttm": -0.1, "fcf_ttm": -0.2, "fcf_yield": -0.7, "ocf_yield": -0.6, "gm_median": 15.4, "gm_std": 4.0, "gm_stab": 0.74, "gm_chg_2022": 417.5, "npm_median": -13.3, "roe_median": -24.0, "commodity": false, "hard_ratio": 0.9, "fix_assets": 0.0, "goodwill_ratio": 31.5, "pb_calc": 29.83, "capex_dep": 6.67, "interest_debt": 0.8, "debt_ebitda": null, "debt_ratio": 68.7, "debt_mv": 3.5, "payout": null, "div_years": 0, "rev_cagr3": 28.3, "np_cagr3": null, "rev_yoy": 217.5, "np_yoy": -12.3, "np_vol": 292.3, "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": [["产品", 33.0], ["工程项目建设", 31.0], ["工程代建", 31.0], ["设计", 2.0]], "ret_prev_year": -2.9, "ret_prev2_year": -11.2, "ret_ytd": 7.7, "ret_pivot": 46.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.9, "ret_60": 20.9, "ret_120": 10.3, "ret_250": 31.3, "mdd_250": -38.9, "vol_250": 48.3, "pos_52w": 85.7}, "S": {"duration": 100, "pricing": 45, "hard": 1, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 69%,有息负债 1 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 1%,毛利率近 5 年中位 15.4%。", "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 -0.7%(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 15.4%,稳定度 74%,2020→2022 成本通胀期毛利率变化 417.5 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 1%,资本开支/折旧 6.67 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 31%,最大回撤 -39%,年化波动 48%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 -3% / 21% / 10%。", "行业对照": ["同申万二级「环保设备Ⅱ」27 家中位:PE 34.2 / 股息率 1.0% / 毛利率 27.4% / 固定资产占比 17% / 分红率 41%。", "神雾节能:PE ;股息率 ;毛利率 比行业中位低 12.0个百分点;固定资产占比 比行业中位低 16.5个百分点。"]}}