{"F": {"ts_code": "002542.SZ", "name": "*ST中岩", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "其他专业工程", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20110128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.7, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 307039.839, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.1, 9.7, 0.3, 0.5, -15.9, -1.8], "rev_series": [56.6, 51.7, 21.8, 25.3, 15.3, 10.1], "np_series": [1.8, -3.2, -7.1, -7.4, -13.8, -9.5], "roe_series": [4.5, -8.2, -21.4, -28.5, -90.7, -277.4], "period": "20260630", "rev_ttm": 7.8, "np_ttm": -9.6, "ocf_ttm": -0.3, "fcf_ttm": -0.3, "fcf_yield": -1.1, "ocf_yield": -1.1, "gm_median": 0.3, "gm_std": 8.3, "gm_stab": -26.54, "gm_chg_2022": -17.8, "npm_median": -32.3, "roe_median": -28.5, "commodity": false, "hard_ratio": 16.8, "fix_assets": 7.2, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.0, "interest_debt": 26.3, "debt_ebitda": null, "debt_ratio": 106.6, "debt_mv": 85.5, "payout": null, "div_years": 0, "rev_cagr3": -22.7, "np_cagr3": null, "rev_yoy": -61.1, "np_yoy": -8.5, "np_vol": 105.6, "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": [["地基处理", 44.0], ["机场工程", 29.0], ["设备租赁及销售", 8.0], ["其他主营业务", 7.0]], "ret_prev_year": -14.8, "ret_prev2_year": 45.2, "ret_ytd": -49.1, "ret_pivot": 11.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": 16.4, "ret_120": -48.2, "ret_250": -57.9, "mdd_250": -74.7, "vol_250": 51.4, "pos_52w": 38.1}, "S": {"duration": 100, "pricing": 4, "hard": 27, "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 -9.6 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 107%,有息负债 26 亿,经营现金流/市值 -1.1%: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 17%,毛利率近 5 年中位 0.3%。", "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 -1.1%(经营现金流/市值 -1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 0.3%,稳定度 -2654%,2020→2022 成本通胀期毛利率变化 -17.8 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 17%。有一些。"], ["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 -58%,最大回撤 -75%,年化波动 51%,现价在 52 周高点的 38%;近 20 / 60 / 120 日 3% / 16% / -48%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "*ST中岩:PE ;股息率 ;毛利率 比行业中位低 13.3个百分点;固定资产占比 比行业中位高 6.5个百分点。"]}}