{"F": {"ts_code": "002694.SZ", "name": "*ST顾地", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "管材", "ind": "装修建材", "fin_source": "tushare", "market": "主板", "list_date": "20120816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.52, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 192297.3696, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.8, 10.7, 14.2, 16.3, 7.6, 13.9], "rev_series": [14.3, 14.9, 10.6, 9.3, 8.4, 8.9], "np_series": [-2.5, -5.8, -1.3, 0.9, -1.5, -4.8], "roe_series": [-28.9, -130.5, -149.9, 30.9, -31.3, -282.9], "period": "20260630", "rev_ttm": 9.4, "np_ttm": -2.1, "ocf_ttm": 0.1, "fcf_ttm": -0.5, "fcf_yield": -2.7, "ocf_yield": 0.3, "gm_median": 13.9, "gm_std": 3.1, "gm_stab": 0.78, "gm_chg_2022": -3.6, "npm_median": -19.0, "roe_median": -130.5, "commodity": false, "hard_ratio": 32.9, "fix_assets": 3.7, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 1.72, "interest_debt": 1.1, "debt_ebitda": null, "debt_ratio": 106.9, "debt_mv": 5.6, "payout": null, "div_years": 0, "rev_cagr3": -5.5, "np_cagr3": null, "rev_yoy": 12.8, "np_yoy": 93.7, "np_vol": 168.7, "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], ["PE管道", 26.0], ["PVC管道", 16.0], ["PP管道", 7.0]], "ret_prev_year": -17.9, "ret_prev2_year": -25.2, "ret_ytd": -33.0, "ret_pivot": -20.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.9, "ret_60": 10.0, "ret_120": -19.5, "ret_250": -45.3, "mdd_250": -63.9, "vol_250": 47.5, "pos_52w": 52.0}, "S": {"duration": 100, "pricing": 39, "hard": 53, "bondness": 23}, "label": "重资产陷阱", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["资产很重:固定资产占总资产 33%,但毛利率近 5 年中位只有 13.9%,产品同质、售价涨不动。", "2020→2022 成本通胀期毛利率变化 -3.6 个百分点;资产负债率 107%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 33%),没有定价权:毛利率近 5 年中位 13.9%,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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -2.7%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.9%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -3.6 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 33%,资本开支/折旧 1.72 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 -45%,最大回撤 -64%,年化波动 48%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 19% / 10% / -20%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "*ST顾地:PE ;股息率 ;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位高 12.1个百分点。"]}}