{"F": {"ts_code": "000826.SZ", "name": "*ST启环", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "19980225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.86, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 265115.7138, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.4, 0.6, 24.6, 18.7, 23.8, 20.4], "rev_series": [86.5, 84.8, 71.0, 54.0, 52.4, 46.5], "np_series": [-15.6, -45.4, -9.6, -15.7, -30.6, -30.3], "roe_series": [-11.3, -42.1, -12.0, -23.6, -74.3, -7400.9], "period": "20260630", "rev_ttm": 43.6, "np_ttm": -28.7, "ocf_ttm": 7.2, "fcf_ttm": 6.1, "fcf_yield": 23.1, "ocf_yield": 27.1, "gm_median": 20.4, "gm_std": 8.8, "gm_stab": 0.57, "gm_chg_2022": 6.2, "npm_median": -53.6, "roe_median": -42.1, "commodity": false, "hard_ratio": 11.1, "fix_assets": 19.3, "goodwill_ratio": 1.1, "pb_calc": null, "capex_dep": 0.45, "interest_debt": 83.6, "debt_ebitda": 12.1, "debt_ratio": 101.7, "debt_mv": 315.4, "payout": null, "div_years": 0, "rev_cagr3": -13.1, "np_cagr3": null, "rev_yoy": -13.2, "np_yoy": 29.8, "np_vol": 90.8, "loss_years": 5, "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", 36.0], ["环卫服务业务", 19.0], ["环卫业务", 19.0], ["自来水及污水处理业务", 10.0]], "ret_prev_year": 11.0, "ret_prev2_year": -30.1, "ret_ytd": -16.2, "ret_pivot": 21.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": -9.7, "ret_120": -21.2, "ret_250": -7.9, "mdd_250": -52.7, "vol_250": 56.7, "pos_52w": 66.2}, "S": {"duration": 100, "pricing": 41, "hard": 18, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -28.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 102%,有息负债 84 亿,经营现金流/市值 27.1%: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 11%,毛利率近 5 年中位 20.4%。", "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 23.1%(经营现金流/市值 27.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.4%,稳定度 57%,2020→2022 成本通胀期毛利率变化 6.2 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 11%,资本开支/折旧 0.45 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 -8%,最大回撤 -53%,年化波动 57%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 6% / -10% / -21%。", "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%。", "*ST启环:PE ;股息率 ;毛利率 比行业中位低 7.2个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}