{"F": {"ts_code": "300135.SZ", "name": "宝利国际", "mkt": "CN", "ccy": "元", "sw1": "石油石化", "sw2": "炼化及贸易", "sw3": "其他石化", "ind": "炼化及贸易", "fin_source": "tushare", "market": "创业板", "list_date": "20101026", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.51, "pe_ttm": null, "pb": 3.7184, "dv_ttm": null, "total_mv": 323481.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.8, 7.8, 9.9, 4.4, 3.7, 1.5], "rev_series": [20.2, 22.8, 24.7, 21.5, 19.7, 13.7], "np_series": [0.0, -0.7, -1.7, -0.4, 0.2, -1.0], "roe_series": [0.3, -6.1, -15.8, -4.6, 2.3, -10.8], "period": "20260630", "rev_ttm": 13.6, "np_ttm": -0.8, "ocf_ttm": -0.5, "fcf_ttm": -0.5, "fcf_yield": -1.7, "ocf_yield": -1.6, "gm_median": 4.4, "gm_std": 3.0, "gm_stab": 0.32, "gm_chg_2022": 0.1, "npm_median": -3.4, "roe_median": -6.1, "commodity": false, "hard_ratio": 6.6, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 3.72, "capex_dep": 0.15, "interest_debt": 7.1, "debt_ebitda": null, "debt_ratio": 48.1, "debt_mv": 21.9, "payout": 41.9, "div_years": 1, "rev_cagr3": -17.9, "np_cagr3": null, "rev_yoy": -1.2, "np_yoy": 288.6, "np_vol": 777.6, "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": [["道路石油沥青", 33.0], ["成品油", 28.0], ["通用改性沥青", 15.0], ["通用型改性沥青", 15.0]], "ret_prev_year": 0.0, "ret_prev2_year": 21.9, "ret_ytd": -11.1, "ret_pivot": 46.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.7, "ret_60": 5.7, "ret_120": -22.7, "ret_250": -21.8, "mdd_250": -41.5, "vol_250": 41.6, "pos_52w": 68.0}, "S": {"duration": 100, "pricing": 21, "hard": 11, "bondness": 38}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 7 亿,经营现金流/市值 -1.6%: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 7%,毛利率近 5 年中位 4.4%。", "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 -1.7%(经营现金流/市值 -1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 4.4%,稳定度 32%,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 7%,资本开支/折旧 0.15 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 -22%,最大回撤 -42%,年化波动 42%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 8% / 6% / -23%。", "行业对照": ["同申万二级「炼化及贸易」30 家中位:PE 24.2 / 股息率 0.8% / 毛利率 10.6% / 固定资产占比 43% / 分红率 49%。", "宝利国际:PE ;股息率 ;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位低 36.5个百分点。"]}}