{"F": {"ts_code": "002573.SZ", "name": "清新环境", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "水务及水治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "20110422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.25, "pe_ttm": null, "pb": 0.8335, "dv_ttm": null, "total_mv": 459961.8075, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.2, 22.6, 22.9, 17.8, 16.8, 15.8], "rev_series": [41.2, 68.8, 80.3, 86.1, 87.2, 91.1], "np_series": [2.1, 5.7, 4.5, 1.3, -3.8, -4.2], "roe_series": [4.4, 10.6, 7.1, 2.0, -6.1, -7.4], "period": "20260630", "rev_ttm": 87.3, "np_ttm": -3.9, "ocf_ttm": 15.5, "fcf_ttm": 10.8, "fcf_yield": 23.5, "ocf_yield": 33.6, "gm_median": 17.8, "gm_std": 3.0, "gm_stab": 0.83, "gm_chg_2022": 8.7, "npm_median": 2.8, "roe_median": 2.0, "commodity": false, "hard_ratio": 22.5, "fix_assets": 53.1, "goodwill_ratio": 2.4, "pb_calc": 0.83, "capex_dep": 0.66, "interest_debt": 109.8, "debt_ebitda": 8.7, "debt_ratio": 71.0, "debt_mv": 238.6, "payout": 112.9, "div_years": 3, "rev_cagr3": 4.3, "np_cagr3": null, "rev_yoy": -9.5, "np_yoy": 227.8, "np_vol": 161.1, "loss_years": 2, "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", 33.0], ["危废处理业务", 11.0], ["危废品处理业务", 11.0], ["水治理业务", 10.0]], "ret_prev_year": -6.0, "ret_prev2_year": -17.9, "ret_ytd": -13.1, "ret_pivot": -1.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 1.6, "ret_120": -20.9, "ret_250": -20.5, "mdd_250": -30.0, "vol_250": 26.8, "pos_52w": 77.4}, "S": {"duration": 100, "pricing": 49, "hard": 36, "bondness": 66}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 71%,有息负债 110 亿,经营现金流/市值 33.6%: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 22%,毛利率近 5 年中位 17.8%。", "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 23.5%(经营现金流/市值 33.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.8%,稳定度 83%,2020→2022 成本通胀期毛利率变化 8.7 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 22%,资本开支/折旧 0.66 倍。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 -20%,最大回撤 -30%,年化波动 27%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 2% / 2% / -21%。", "行业对照": ["同申万二级「环境治理」107 家中位:PE 26.1 / 股息率 1.6% / 毛利率 27.6% / 固定资产占比 14% / 分红率 38%。", "清新环境:PE ;股息率 ;毛利率 比行业中位低 9.8个百分点;固定资产占比 比行业中位高 8.6个百分点。"]}}