{"F": {"ts_code": "002114.SZ", "name": "罗平锌电", "mkt": "CN", "ccy": "元", "sw1": "有色金属", "sw2": "工业金属", "sw3": "铅锌", "ind": "工业金属", "fin_source": "tushare", "market": "主板", "list_date": "20070215", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.57, "pe_ttm": null, "pb": 3.5219, "dv_ttm": null, "total_mv": 244810.1664, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [3.9, 13.5, -3.4, -4.5, 8.4, 1.2], "rev_series": [17.2, 18.2, 19.7, 15.4, 12.6, 14.5], "np_series": [-1.3, 0.3, -2.4, -2.1, -0.8, -1.8], "roe_series": [-8.5, 2.1, -17.5, -18.5, -8.0, -20.9], "period": "20260630", "rev_ttm": 16.7, "np_ttm": -1.5, "ocf_ttm": 0.3, "fcf_ttm": -0.2, "fcf_yield": -0.7, "ocf_yield": 1.2, "gm_median": 1.2, "gm_std": 6.9, "gm_stab": -4.78, "gm_chg_2022": -7.4, "npm_median": -12.4, "roe_median": -17.5, "commodity": true, "hard_ratio": 36.7, "fix_assets": 8.6, "goodwill_ratio": 0.2, "pb_calc": 3.52, "capex_dep": 0.59, "interest_debt": 5.9, "debt_ebitda": 11.3, "debt_ratio": 64.9, "debt_mv": 24.0, "payout": null, "div_years": 0, "rev_cagr3": -9.8, "np_cagr3": null, "rev_yoy": 43.1, "np_yoy": 28.6, "np_vol": 366.0, "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": [["锌锭及锌合金", 41.0], ["锌锭、锌合金", 41.0], ["硫酸及副产品", 4.0], ["硫酸", 4.0]], "ret_prev_year": 49.3, "ret_prev2_year": -24.6, "ret_ytd": -10.1, "ret_pivot": 56.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.8, "ret_60": 5.9, "ret_120": -20.5, "ret_250": -2.9, "mdd_250": -47.5, "vol_250": 53.4, "pos_52w": 66.3}, "S": {"duration": 100, "pricing": 70, "hard": 59, "bondness": 35}, "label": "亏损或困境", "tags": ["商品定价", "近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 65%,有息负债 6 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": "硬资产占比 37%、毛利率 1.2% 两条都占,但所在行业(有色金属)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 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 1.2%,稳定度 -478%,2020→2022 成本通胀期毛利率变化 -7.4 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 37%,资本开支/折旧 0.59 倍。涨。"], ["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 -3%,最大回撤 -48%,年化波动 53%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 5% / 6% / -20%。", "行业对照": ["同申万二级「工业金属」60 家中位:PE 20.5 / 股息率 1.1% / 毛利率 10.8% / 固定资产占比 28% / 分红率 32%。", "罗平锌电:PE ;股息率 ;毛利率 比行业中位低 9.6个百分点;固定资产占比 比行业中位高 9.2个百分点。"]}}