{"F": {"ts_code": "002480.SZ", "name": "新筑股份", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "光伏发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20100921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.37, "pe_ttm": null, "pb": 5.545, "dv_ttm": null, "total_mv": 413043.5919, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.0, 14.9, 31.0, 25.7, 25.9, 30.2], "rev_series": [23.4, 12.5, 16.5, 25.1, 24.8, 14.9], "np_series": [0.6, -2.9, -5.7, -3.4, -4.1, -1.7], "roe_series": [2.4, -11.2, -27.2, -21.5, -33.5, -18.1], "period": "20260630", "rev_ttm": 14.9, "np_ttm": -2.0, "ocf_ttm": 5.1, "fcf_ttm": 1.0, "fcf_yield": 2.5, "ocf_yield": 12.4, "gm_median": 25.9, "gm_std": 5.8, "gm_stab": 0.78, "gm_chg_2022": 14.0, "npm_median": -13.7, "roe_median": -21.5, "commodity": false, "hard_ratio": 50.8, "fix_assets": 66.0, "goodwill_ratio": 0.0, "pb_calc": 5.55, "capex_dep": 1.16, "interest_debt": 77.3, "debt_ebitda": 18.4, "debt_ratio": 84.4, "debt_mv": 187.1, "payout": null, "div_years": 0, "rev_cagr3": -3.3, "np_cagr3": null, "rev_yoy": 0.4, "np_yoy": -48.0, "np_vol": 235.9, "loss_years": 5, "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": [["光伏发电", 46.0], ["桥梁功能部件", 21.0], ["轨道交通业务", 21.0], ["其他主营业务", 6.0]], "ret_prev_year": 20.5, "ret_prev2_year": 2.0, "ret_ytd": -13.7, "ret_pivot": 32.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": -3.4, "ret_120": -21.0, "ret_250": -24.8, "mdd_250": -31.9, "vol_250": 31.9, "pos_52w": 73.6}, "S": {"duration": 100, "pricing": 52, "hard": 81, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 84%,有息负债 77 亿,经营现金流/市值 12.4%: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": "只占硬资产一条(占比 51%),没有定价权:毛利率近 5 年中位 25.9%,稳定度 78%。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": "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 2.5%(经营现金流/市值 12.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.9%,稳定度 78%,2020→2022 成本通胀期毛利率变化 14.0 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 51%,资本开支/折旧 1.16 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 -25%,最大回撤 -32%,年化波动 32%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -3% / -3% / -21%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "新筑股份:PE ;股息率 ;毛利率 比行业中位高 3.4个百分点;固定资产占比 比行业中位低 9.9个百分点。"]}}