{"F": {"ts_code": "300072.SZ", "name": "海新能科", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "创业板", "list_date": "20100427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.62, "pe_ttm": null, "pb": 1.6529, "dv_ttm": null, "total_mv": 850598.7486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.0, 12.8, 4.5, 2.8, -2.7, 6.9], "rev_series": [71.3, 57.5, 86.5, 76.5, 24.3, 28.6], "np_series": [-13.8, 0.8, -8.0, -0.8, -9.5, -5.7], "roe_series": [-15.5, 1.0, -10.6, -1.2, -14.7, -10.0], "period": "20260630", "rev_ttm": 35.9, "np_ttm": -6.4, "ocf_ttm": -0.1, "fcf_ttm": -0.5, "fcf_yield": -0.5, "ocf_yield": -0.1, "gm_median": 4.5, "gm_std": 5.1, "gm_stab": -0.12, "gm_chg_2022": -8.5, "npm_median": -11.5, "roe_median": -10.0, "commodity": false, "hard_ratio": 24.3, "fix_assets": 18.6, "goodwill_ratio": 0.5, "pb_calc": 1.65, "capex_dep": 0.15, "interest_debt": 9.3, "debt_ebitda": null, "debt_ratio": 33.7, "debt_mv": 11.0, "payout": null, "div_years": 1, "rev_cagr3": -30.8, "np_cagr3": null, "rev_yoy": 74.1, "np_yoy": -206.8, "np_vol": 559.0, "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", 34.0], ["生物航煤（SAF）", 17.0], ["生物航煤(SAF)", 17.0], ["环保材料及化工产品", 9.0]], "ret_prev_year": 29.6, "ret_prev2_year": 1.1, "ret_ytd": -21.3, "ret_pivot": 74.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.9, "ret_60": -0.8, "ret_120": -39.1, "ret_250": -3.7, "mdd_250": -48.1, "vol_250": 55.2, "pos_52w": 58.6}, "S": {"duration": 100, "pricing": 6, "hard": 39, "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 -6.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 9 亿,经营现金流/市值 -0.1%: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 24%,毛利率近 5 年中位 4.5%。", "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 -0.5%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.5%,稳定度 -12%,2020→2022 成本通胀期毛利率变化 -8.5 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 24%,资本开支/折旧 0.15 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 -4%,最大回撤 -48%,年化波动 55%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 5% / -1% / -39%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "海新能科:PE ;股息率 ;毛利率 比行业中位低 17.8个百分点;固定资产占比 比行业中位低 10.2个百分点。"]}}