{"F": {"ts_code": "002775.SZ", "name": "文科股份", "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": "20150629", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.57, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 234818.9277, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.9, 15.3, 22.3, 18.0, 12.4, -6.5], "rev_series": [25.2, 19.3, 9.2, 10.3, 6.9, 4.6], "np_series": [1.6, -16.6, -3.7, -1.5, -1.2, -2.9], "roe_series": [6.4, -110.3, -102.2, -61.3, -45.0, -207.9], "period": "20260630", "rev_ttm": 4.8, "np_ttm": -3.2, "ocf_ttm": -0.1, "fcf_ttm": -2.6, "fcf_yield": -11.3, "ocf_yield": -0.3, "gm_median": 15.3, "gm_std": 10.0, "gm_stab": 0.35, "gm_chg_2022": 0.4, "npm_median": -40.7, "roe_median": -102.2, "commodity": false, "hard_ratio": 10.9, "fix_assets": 7.2, "goodwill_ratio": 0.7, "pb_calc": 37.71, "capex_dep": 7.53, "interest_debt": 31.0, "debt_ebitda": null, "debt_ratio": 98.7, "debt_mv": 132.0, "payout": null, "div_years": 0, "rev_cagr3": -20.7, "np_cagr3": null, "rev_yoy": 9.5, "np_yoy": -314.0, "np_vol": 463.6, "loss_years": 5, "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", 37.0], ["生态环境建设工程", 26.0], ["生态工程", 26.0], ["绿色能源", 7.0]], "ret_prev_year": 11.2, "ret_prev2_year": -3.7, "ret_ytd": -16.6, "ret_pivot": 41.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.3, "ret_60": -5.6, "ret_120": -20.0, "ret_250": -23.2, "mdd_250": -39.8, "vol_250": 46.7, "pos_52w": 70.7}, "S": {"duration": 100, "pricing": 28, "hard": 17, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -3.2 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 99%,有息负债 31 亿,经营现金流/市值 -0.3%: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 11%,毛利率近 5 年中位 15.3%。", "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 -11.3%(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 15.3%,稳定度 35%,2020→2022 成本通胀期毛利率变化 0.4 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 11%,资本开支/折旧 7.53 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 -23%,最大回撤 -40%,年化波动 47%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -7% / -6% / -20%。", "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%。", "文科股份:PE ;股息率 ;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位高 7.9个百分点。"]}}