{"F": {"ts_code": "002200.SZ", "name": "交投生态", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "园林工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20071221", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.04, "pe_ttm": 35.6705, "pb": 2.371, "dv_ttm": null, "total_mv": 317592.4224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.2, 25.7, 22.7, 12.8, 10.4, 8.3], "rev_series": [2.7, 3.9, 5.8, 6.0, 6.0, 5.1], "np_series": [-0.9, -0.7, 0.1, 0.1, -0.9, -0.2], "roe_series": [-63.1, -104.3, 24.5, 20.8, null, -4.0], "period": "20260630", "rev_ttm": 7.1, "np_ttm": 0.9, "ocf_ttm": 1.8, "fcf_ttm": 1.8, "fcf_yield": 5.6, "ocf_yield": 5.6, "gm_median": 12.8, "gm_std": 6.9, "gm_stab": 0.46, "gm_chg_2022": -2.5, "npm_median": -7.1, "roe_median": 8.4, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 2.37, "capex_dep": 0.13, "interest_debt": 0.4, "debt_ebitda": null, "debt_ratio": 47.4, "debt_mv": 1.4, "payout": null, "div_years": 0, "rev_cagr3": -4.3, "np_cagr3": null, "rev_yoy": 209.2, "np_yoy": 187.6, "np_vol": 448.2, "loss_years": 3, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["绿化、改造类工程", 96.0], ["其他主营业务", 2.0], ["其他", 2.0], ["苗木销售", 0.0]], "ret_prev_year": 40.1, "ret_prev2_year": -30.3, "ret_ytd": -6.3, "ret_pivot": 66.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.5, "ret_60": 13.7, "ret_120": -6.6, "ret_250": 7.6, "mdd_250": -28.3, "vol_250": 38.1, "pos_52w": 88.2}, "S": {"duration": 59, "pricing": 28, "hard": 0, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 0.9 亿,近 5 年亏损 3 年;PE 36 倍(盈利极薄),估值指标失真。", "资产负债率 47%,有息负债 0 亿,经营现金流/市值 5.6%: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 0%,毛利率近 5 年中位 12.8%。", "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 5.6%(经营现金流/市值 5.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.8%,稳定度 46%,2020→2022 成本通胀期毛利率变化 -2.5 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 0%,资本开支/折旧 0.13 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.7 倍 粗算,约 86%(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 8%,最大回撤 -28%,年化波动 38%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 2% / 14% / -7%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "交投生态:PE 比行业中位高 24.0倍;股息率 ;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}