{"F": {"ts_code": "000881.SZ", "name": "中广核技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "19980902", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.64, "pe_ttm": null, "pb": 1.278, "dv_ttm": null, "total_mv": 627762.7976, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 19.6, 17.9, 12.1, 12.7, 14.7], "rev_series": [66.5, 80.0, 69.4, 63.5, 61.7, 55.5], "np_series": [2.7, 1.8, 2.0, -7.4, -3.6, -2.9], "roe_series": [4.6, 2.9, 3.2, -12.4, -6.7, -5.6], "period": "20260630", "rev_ttm": 55.1, "np_ttm": -3.1, "ocf_ttm": 2.6, "fcf_ttm": 0.2, "fcf_yield": 0.3, "ocf_yield": 4.1, "gm_median": 14.7, "gm_std": 2.9, "gm_stab": 0.8, "gm_chg_2022": -1.8, "npm_median": -5.5, "roe_median": -5.6, "commodity": false, "hard_ratio": 23.1, "fix_assets": 23.8, "goodwill_ratio": 2.2, "pb_calc": 1.28, "capex_dep": 1.61, "interest_debt": 29.1, "debt_ebitda": 12.1, "debt_ratio": 45.9, "debt_mv": 46.4, "payout": null, "div_years": 2, "rev_cagr3": -7.2, "np_cagr3": null, "rev_yoy": -1.6, "np_yoy": -21.8, "np_vol": 194.6, "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": [["产品", 48.0], ["新材料", 40.0], ["电子加速器及辐照加工", 5.0], ["其他主营业务", 3.0]], "ret_prev_year": 23.5, "ret_prev2_year": 1.1, "ret_ytd": -26.6, "ret_pivot": 12.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -2.2, "ret_120": -21.4, "ret_250": -17.9, "mdd_250": -36.2, "vol_250": 35.9, "pos_52w": 69.2}, "S": {"duration": 100, "pricing": 42, "hard": 37, "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 -3.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 46%,有息负债 29 亿,经营现金流/市值 4.1%: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 14.7%。", "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 0.3%(经营现金流/市值 4.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.7%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -1.8 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 1.61 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 -18%,最大回撤 -36%,年化波动 36%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 3% / -2% / -21%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "中广核技:PE ;股息率 ;毛利率 比行业中位低 7.6个百分点;固定资产占比 比行业中位低 11.4个百分点。"]}}