{"F": {"ts_code": "002066.SZ", "name": "瑞泰科技", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "耐火材料", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20060823", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.59, "pe_ttm": null, "pb": 8.3539, "dv_ttm": null, "total_mv": 507164.213, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.8, 17.3, 17.1, 16.1, 14.8, 12.8], "rev_series": [42.2, 45.4, 48.2, 46.3, 43.5, 38.7], "np_series": [0.3, 0.5, 0.7, 0.7, 0.6, -0.6], "roe_series": [6.0, 9.4, 11.6, 11.3, 8.2, -8.6], "period": "20260630", "rev_ttm": 37.3, "np_ttm": -1.0, "ocf_ttm": -1.7, "fcf_ttm": -2.0, "fcf_yield": -3.9, "ocf_yield": -3.3, "gm_median": 16.1, "gm_std": 1.7, "gm_stab": 0.9, "gm_chg_2022": 1.3, "npm_median": 2.8, "roe_median": 9.4, "commodity": false, "hard_ratio": 21.3, "fix_assets": 10.9, "goodwill_ratio": 0.1, "pb_calc": 8.35, "capex_dep": 0.34, "interest_debt": 15.2, "debt_ebitda": 22.0, "debt_ratio": 73.6, "debt_mv": 30.0, "payout": 46.2, "div_years": 3, "rev_cagr3": -7.0, "np_cagr3": null, "rev_yoy": -7.3, "np_yoy": -192.5, "np_vol": 95.6, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 63.5, "fwd_pe2": 50.2, "fwd_g1": null, "fwd_g2": 26.0, "peg": 2.44, "consensus_disp": null, "mainbz": [["产品", 50.0], ["钢铁用耐火材料", 32.0], ["其他高温窑用耐火材料", 6.0], ["水泥窑用耐火材料", 6.0]], "ret_prev_year": 67.1, "ret_prev2_year": 2.9, "ret_ytd": 15.6, "ret_pivot": 169.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.9, "ret_60": -4.3, "ret_120": 11.6, "ret_250": 56.4, "mdd_250": -30.9, "vol_250": 46.0, "pos_52w": 78.7}, "S": {"duration": 100, "pricing": 48, "hard": 34, "bondness": 51}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 74%,有息负债 15 亿,经营现金流/市值 -3.3%: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 16.1%。", "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 -3.9%(经营现金流/市值 -3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.1%,稳定度 90%,2020→2022 成本通胀期毛利率变化 1.3 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 0.34 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 56%,最大回撤 -31%,年化波动 46%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 5% / -4% / 12%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "瑞泰科技:PE ;股息率 ;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位高 0.5个百分点。"]}}