{"F": {"ts_code": "002672.SZ", "name": "东江环保", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "固废治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "20120426", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.73, "pe_ttm": null, "pb": 1.9519, "dv_ttm": null, "total_mv": 412260.4134, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.1, 27.5, 15.7, 4.3, 5.6, 0.9], "rev_series": [33.2, 40.2, 38.8, 40.2, 34.9, 34.6], "np_series": [3.0, 1.6, -5.0, -7.5, -8.0, -12.3], "roe_series": [6.8, 3.5, -11.6, -17.6, -19.9, -41.2], "period": "20260630", "rev_ttm": 33.1, "np_ttm": -12.2, "ocf_ttm": 5.3, "fcf_ttm": 4.0, "fcf_yield": 9.7, "ocf_yield": 12.8, "gm_median": 5.6, "gm_std": 9.7, "gm_stab": -0.73, "gm_chg_2022": -18.4, "npm_median": -22.1, "roe_median": -17.6, "commodity": false, "hard_ratio": 43.4, "fix_assets": 40.5, "goodwill_ratio": 4.1, "pb_calc": 1.95, "capex_dep": 0.23, "interest_debt": 53.3, "debt_ebitda": 130.5, "debt_ratio": 73.1, "debt_mv": 129.3, "payout": null, "div_years": 1, "rev_cagr3": -3.8, "np_cagr3": null, "rev_yoy": -9.5, "np_yoy": 3.5, "np_vol": 150.0, "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", 50.0], ["工业废物资源化利用", 27.0], ["工业废物处理处置", 14.0], ["稀贵金属回收利用", 4.0]], "ret_prev_year": 9.2, "ret_prev2_year": -17.5, "ret_ytd": -19.3, "ret_pivot": 9.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 5.7, "ret_120": -25.5, "ret_250": -21.5, "mdd_250": -42.8, "vol_250": 40.0, "pos_52w": 67.7}, "S": {"duration": 100, "pricing": 7, "hard": 69, "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 -12.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 73%,有息负债 53 亿,经营现金流/市值 12.8%: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 43%),没有定价权:毛利率近 5 年中位 5.6%,稳定度 -73%。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 9.7%(经营现金流/市值 12.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.6%,稳定度 -73%,2020→2022 成本通胀期毛利率变化 -18.4 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 43%,资本开支/折旧 0.23 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 -22%,最大回撤 -43%,年化波动 40%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 6% / 6% / -26%。", "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%。", "东江环保:PE ;股息率 ;毛利率 比行业中位低 22.0个百分点;固定资产占比 比行业中位高 29.5个百分点。"]}}