{"F": {"ts_code": "002356.SZ", "name": "鹏飞绿能", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "多业态零售", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "20100209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.81, "pe_ttm": 107.9755, "pb": 6.2175, "dv_ttm": null, "total_mv": 368462.5145, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.1, 35.8, 49.9, 47.5, 13.8, 13.7], "rev_series": [4.7, 3.3, 1.6, 1.6, 4.1, 5.8], "np_series": [-5.0, 9.0, -0.6, -0.5, -0.4, 0.4], "roe_series": [null, null, -9.6, -7.9, -7.6, 6.6], "period": "20260630", "rev_ttm": 5.0, "np_ttm": 0.3, "ocf_ttm": 0.1, "fcf_ttm": -0.7, "fcf_yield": -1.9, "ocf_yield": 0.2, "gm_median": 35.8, "gm_std": 15.7, "gm_stab": 0.56, "gm_chg_2022": 14.8, "npm_median": -12.4, "roe_median": -7.8, "commodity": false, "hard_ratio": 25.1, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 6.22, "capex_dep": 3.42, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 8.4, "debt_mv": 0.1, "payout": null, "div_years": 0, "rev_cagr3": 53.1, "np_cagr3": null, "rev_yoy": -24.7, "np_yoy": -42.6, "np_vol": 137.4, "loss_years": 3, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 37.0], ["液化气(天然气)", 25.0], ["液化天然气", 25.0], ["服饰", 6.0]], "ret_prev_year": 20.4, "ret_prev2_year": -34.3, "ret_ytd": -29.0, "ret_pivot": 1.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.1, "ret_60": -9.6, "ret_120": -37.6, "ret_250": -14.6, "mdd_250": -47.3, "vol_250": 47.8, "pos_52w": 59.7}, "S": {"duration": 93, "pricing": 49, "hard": 40, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 0.3 亿,近 5 年亏损 3 年;PE 108 倍(盈利极薄),估值指标失真。", "资产负债率 8%,有息负债 0 亿,经营现金流/市值 0.2%: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": "两条都不占:固定资产占比 25%,毛利率近 5 年中位 35.8%。", "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 -1.9%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.8%,稳定度 56%,2020→2022 成本通胀期毛利率变化 14.8 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 25%,资本开支/折旧 3.42 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 108.0 倍 粗算,约 95%(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 -15%,最大回撤 -47%,年化波动 48%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 4% / -10% / -38%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "鹏飞绿能:PE 比行业中位高 47.3倍;股息率 ;毛利率 比行业中位高 1.6个百分点;固定资产占比 比行业中位高 9.7个百分点。"]}}