{"F": {"ts_code": "002743.SZ", "name": "富煌钢构", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "钢结构", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20150217", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.89, "pe_ttm": null, "pb": 1.0753, "dv_ttm": null, "total_mv": 212846.2965, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.1, 13.8, 15.2, 15.4, 16.1, 7.2], "rev_series": [40.7, 57.4, 47.6, 46.4, 39.4, 19.2], "np_series": [1.3, 1.7, 1.0, 1.0, 0.5, -8.9], "roe_series": [5.2, 5.6, 3.2, 3.0, 1.6, -31.8], "period": "20260630", "rev_ttm": 4.2, "np_ttm": -13.1, "ocf_ttm": -8.3, "fcf_ttm": -8.5, "fcf_yield": -39.7, "ocf_yield": -38.9, "gm_median": 15.2, "gm_std": 3.3, "gm_stab": 0.79, "gm_chg_2022": 0.1, "npm_median": 2.1, "roe_median": 3.0, "commodity": false, "hard_ratio": 16.7, "fix_assets": 13.8, "goodwill_ratio": 0.0, "pb_calc": 1.08, "capex_dep": 0.18, "interest_debt": 43.9, "debt_ebitda": null, "debt_ratio": 75.3, "debt_mv": 206.2, "payout": 30.5, "div_years": 3, "rev_cagr3": -26.1, "np_cagr3": null, "rev_yoy": -86.8, "np_yoy": -1359.7, "np_vol": 726.3, "loss_years": 1, "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", 40.0], ["建造工程", 20.0], ["门窗系列", 10.0], ["门窗木业销售", 10.0]], "ret_prev_year": -17.2, "ret_prev2_year": 11.1, "ret_ytd": -10.1, "ret_pivot": 34.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 26.4, "ret_60": 11.1, "ret_120": -20.6, "ret_250": -22.1, "mdd_250": -47.9, "vol_250": 42.9, "pos_52w": 77.6}, "S": {"duration": 100, "pricing": 43, "hard": 27, "bondness": 34}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -13.1 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 75%,有息负债 44 亿,经营现金流/市值 -38.9%: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 15.2%。", "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 -39.7%(经营现金流/市值 -38.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.2%,稳定度 79%,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 17%,资本开支/折旧 0.18 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 -22%,最大回撤 -48%,年化波动 43%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 26% / 11% / -21%。", "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%。", "富煌钢构:PE ;股息率 ;毛利率 比行业中位高 1.6个百分点;固定资产占比 比行业中位高 6.4个百分点。"]}}