{"F": {"ts_code": "002136.SZ", "name": "安纳达", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学原料", "sw3": "钛白粉", "ind": "化学原料", "fin_source": "tushare", "market": "主板", "list_date": "20070530", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.71, "pe_ttm": null, "pb": 2.4161, "dv_ttm": null, "total_mv": 273290.42, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.7, 16.7, 21.3, 9.7, 3.6, -0.5], "rev_series": [11.2, 20.5, 27.1, 21.1, 18.9, 16.9], "np_series": [0.7, 1.9, 2.7, 0.6, 0.1, -0.9], "roe_series": [8.9, 22.1, 25.8, 5.5, 1.0, -8.2], "period": "20260630", "rev_ttm": 19.2, "np_ttm": -0.2, "ocf_ttm": -0.2, "fcf_ttm": -0.9, "fcf_yield": -3.2, "ocf_yield": -0.7, "gm_median": 9.7, "gm_std": 8.1, "gm_stab": 0.17, "gm_chg_2022": 8.7, "npm_median": 2.7, "roe_median": 5.5, "commodity": false, "hard_ratio": 46.9, "fix_assets": 10.9, "goodwill_ratio": 0.0, "pb_calc": 2.42, "capex_dep": 1.05, "interest_debt": 1.1, "debt_ebitda": 1.8, "debt_ratio": 44.2, "debt_mv": 4.0, "payout": 33.3, "div_years": 3, "rev_cagr3": -14.6, "np_cagr3": null, "rev_yoy": 26.3, "np_yoy": 285.0, "np_vol": 388.5, "loss_years": 1, "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": [["钛白粉", 55.0], ["磷酸铁", 37.0], ["其他业务", 8.0]], "ret_prev_year": 24.5, "ret_prev2_year": -15.4, "ret_ytd": 4.7, "ret_pivot": 48.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.6, "ret_60": 4.9, "ret_120": -12.6, "ret_250": 11.9, "mdd_250": -34.5, "vol_250": 48.3, "pos_52w": 74.8}, "S": {"duration": 100, "pricing": 22, "hard": 75, "bondness": 37}, "label": "重资产陷阱", "tags": ["亏损或困境"], "text": {"像什么": ["资产很重:固定资产占总资产 47%,但毛利率近 5 年中位只有 9.7%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 8.7 个百分点;有息负债/EBITDA 1.8 倍,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 47%),没有定价权:毛利率近 5 年中位 9.7%,稳定度 17%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -3.2%(经营现金流/市值 -0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.7%,稳定度 17%,2020→2022 成本通胀期毛利率变化 8.7 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 47%,资本开支/折旧 1.05 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 12%,最大回撤 -34%,年化波动 48%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 5% / 5% / -13%。", "行业对照": ["同申万二级「化学原料」59 家中位:PE 35.9 / 股息率 0.9% / 毛利率 16.8% / 固定资产占比 47% / 分红率 40%。", "安纳达:PE ;股息率 ;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位低 0.5个百分点。"]}}