{"F": {"ts_code": "002663.SZ", "name": "普邦股份", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "园林工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20120316", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.73, "pe_ttm": null, "pb": 1.5479, "dv_ttm": null, "total_mv": 298139.3597, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.9, 8.5, 7.9, 9.4, 7.6, 6.9], "rev_series": [25.4, 28.0, 24.7, 18.3, 19.9, 18.5], "np_series": [-2.2, -6.4, -2.5, 0.1, -4.7, -4.6], "roe_series": [-5.5, -17.9, -7.9, 0.5, -17.2, -21.2], "period": "20260630", "rev_ttm": 15.7, "np_ttm": -4.4, "ocf_ttm": 0.3, "fcf_ttm": 0.2, "fcf_yield": 0.7, "ocf_yield": 1.0, "gm_median": 7.9, "gm_std": 0.8, "gm_stab": 0.89, "gm_chg_2022": -0.1, "npm_median": -23.6, "roe_median": -17.2, "commodity": false, "hard_ratio": 3.3, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 1.55, "capex_dep": 0.48, "interest_debt": 2.4, "debt_ebitda": null, "debt_ratio": 50.7, "debt_mv": 8.2, "payout": null, "div_years": 0, "rev_cagr3": -9.1, "np_cagr3": null, "rev_yoy": -34.3, "np_yoy": 69.3, "np_vol": 1401.8, "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", 47.0], ["工程建设", 38.0], ["城市运营管理平台", 6.0], ["城市运营", 6.0]], "ret_prev_year": -5.0, "ret_prev2_year": 9.9, "ret_ytd": -8.5, "ret_pivot": 26.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.5, "ret_60": 4.2, "ret_120": -25.1, "ret_250": -10.4, "mdd_250": -44.2, "vol_250": 46.8, "pos_52w": 68.9}, "S": {"duration": 100, "pricing": 43, "hard": 5, "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 -4.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 51%,有息负债 2 亿,经营现金流/市值 1.0%: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 3%,毛利率近 5 年中位 7.9%。", "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 0.7%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.9%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -0.1 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 3%,资本开支/折旧 0.48 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 -10%,最大回撤 -44%,年化波动 47%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 10% / 4% / -25%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "普邦股份:PE ;股息率 ;毛利率 比行业中位低 4.5个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}