{"F": {"ts_code": "002211.SZ", "name": "ST宏达", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "有机硅", "ind": "化学制品", "fin_source": "tushare", "market": "主板", "list_date": "20080201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.9, "pe_ttm": null, "pb": 34.8499, "dv_ttm": null, "total_mv": 168665.562, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.2, 14.0, 3.4, 5.8, 6.6, 9.3], "rev_series": [4.3, 5.5, 3.6, 2.3, 3.5, 4.7], "np_series": [-3.0, -3.4, 0.4, -0.3, -0.4, -0.1], "roe_series": [-55.3, -152.2, 54.4, -37.7, -89.3, -41.9], "period": "20260630", "rev_ttm": 5.4, "np_ttm": -0.0, "ocf_ttm": -0.2, "fcf_ttm": -0.3, "fcf_yield": -1.9, "ocf_yield": -1.4, "gm_median": 6.6, "gm_std": 3.6, "gm_stab": 0.45, "gm_chg_2022": -4.9, "npm_median": -11.2, "roe_median": -41.9, "commodity": false, "hard_ratio": 9.6, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 34.85, "capex_dep": 1.19, "interest_debt": 0.2, "debt_ebitda": 0.8, "debt_ratio": 88.7, "debt_mv": 1.1, "payout": null, "div_years": 0, "rev_cagr3": 9.1, "np_cagr3": null, "rev_yoy": 32.4, "np_yoy": 122.0, "np_vol": 320.3, "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": [["产品", 50.0], ["混炼胶", 45.0], ["液态胶", 2.0], ["生胶", 2.0]], "ret_prev_year": -9.9, "ret_prev2_year": -11.5, "ret_ytd": 22.3, "ret_pivot": 57.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": 2.9, "ret_120": 5.1, "ret_250": 16.8, "mdd_250": -29.2, "vol_250": 43.9, "pos_52w": 92.0}, "S": {"duration": 100, "pricing": 23, "hard": 15, "bondness": 13}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.0 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 89%,有息负债 0 亿,经营现金流/市值 -1.4%: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 10%,毛利率近 5 年中位 6.6%。", "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 -1.9%(经营现金流/市值 -1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.6%,稳定度 45%,2020→2022 成本通胀期毛利率变化 -4.9 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 10%,资本开支/折旧 1.19 倍。没有资产可言。"], ["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 17%,最大回撤 -29%,年化波动 44%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 2% / 3% / 5%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "ST宏达:PE ;股息率 ;毛利率 比行业中位低 15.7个百分点;固定资产占比 比行业中位低 24.9个百分点。"]}}