{"F": {"ts_code": "000890.SZ", "name": "法尔胜", "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": "19990119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.51, "pe_ttm": null, "pb": 2330.2829, "dv_ttm": null, "total_mv": 356997.8189, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-15.9, 17.8, 15.5, 14.8, 1.3, 8.3], "rev_series": [4.7, 6.7, 6.8, 4.5, 3.1, 3.1], "np_series": [0.2, 0.4, -0.1, 0.1, -1.1, -0.7], "roe_series": [null, 121.4, -30.1, 40.5, -444.2, -294.5], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -0.8, "ocf_ttm": -0.4, "fcf_ttm": -0.5, "fcf_yield": -1.3, "ocf_yield": -1.2, "gm_median": 14.8, "gm_std": 6.0, "gm_stab": 0.59, "gm_chg_2022": 31.4, "npm_median": -13.9, "roe_median": -30.1, "commodity": false, "hard_ratio": 21.3, "fix_assets": 1.8, "goodwill_ratio": 6.0, "pb_calc": 2330.28, "capex_dep": 0.1, "interest_debt": 6.7, "debt_ebitda": 131.5, "debt_ratio": 95.9, "debt_mv": 18.7, "payout": null, "div_years": 0, "rev_cagr3": -22.9, "np_cagr3": null, "rev_yoy": 5.3, "np_yoy": -80.9, "np_vol": 450.9, "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", 50.0], ["金属制品", 40.0], ["环保业务", 10.0]], "ret_prev_year": 59.9, "ret_prev2_year": -41.6, "ret_ytd": 67.9, "ret_pivot": 223.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.5, "ret_60": -13.4, "ret_120": -23.3, "ret_250": 104.6, "mdd_250": -64.9, "vol_250": 74.7, "pos_52w": 48.3}, "S": {"duration": 100, "pricing": 39, "hard": 34, "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 -0.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 96%,有息负债 7 亿,经营现金流/市值 -1.2%: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 21%,毛利率近 5 年中位 14.8%。", "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 -1.3%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.8%,稳定度 59%,2020→2022 成本通胀期毛利率变化 31.4 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 21%,资本开支/折旧 0.10 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 -65%,年化波动 75%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 16% / -13% / -23%。", "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%。", "法尔胜:PE ;股息率 ;毛利率 比行业中位低 12.6个百分点;固定资产占比 比行业中位高 3.9个百分点。"]}}