{"F": {"ts_code": "300056.SZ", "name": "中创环保", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "大气治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20100226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.66, "pe_ttm": null, "pb": 73.7437, "dv_ttm": null, "total_mv": 333834.773, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.2, 14.3, 12.4, 7.5, 13.1, 8.2], "rev_series": [18.2, 11.4, 10.1, 5.2, 4.7, 3.8], "np_series": [0.2, -4.3, -0.8, -1.6, -1.1, -1.1], "roe_series": [2.2, -58.4, -18.4, -47.7, -47.2, -76.7], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -1.2, "ocf_ttm": 0.2, "fcf_ttm": 0.1, "fcf_yield": 0.4, "ocf_yield": 0.6, "gm_median": 12.4, "gm_std": 2.7, "gm_stab": 0.78, "gm_chg_2022": 1.2, "npm_median": -36.9, "roe_median": -47.7, "commodity": false, "hard_ratio": 29.6, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 73.74, "capex_dep": 0.14, "interest_debt": 1.9, "debt_ebitda": null, "debt_ratio": 109.4, "debt_mv": 5.6, "payout": null, "div_years": 0, "rev_cagr3": -27.4, "np_cagr3": null, "rev_yoy": 0.2, "np_yoy": -35.0, "np_vol": 1348.6, "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", 36.0], ["过滤材料", 25.0], ["滤料系列", 25.0], ["环卫服务", 4.0]], "ret_prev_year": -38.1, "ret_prev2_year": 54.1, "ret_ytd": 5.4, "ret_pivot": 8.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": 3.5, "ret_120": -6.9, "ret_250": -39.9, "mdd_250": -60.6, "vol_250": 55.8, "pos_52w": 53.1}, "S": {"duration": 100, "pricing": 42, "hard": 47, "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 -1.2 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 109%,有息负债 2 亿,经营现金流/市值 0.6%: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 30%,毛利率近 5 年中位 12.4%。", "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 0.4%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.4%,稳定度 78%,2020→2022 成本通胀期毛利率变化 1.2 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 30%,资本开支/折旧 0.14 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 -40%,最大回撤 -61%,年化波动 56%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 4% / 4% / -7%。", "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%。", "中创环保:PE ;股息率 ;毛利率 比行业中位低 15.2个百分点;固定资产占比 比行业中位高 15.7个百分点。"]}}