{"F": {"ts_code": "300140.SZ", "name": "节能环境", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "固废治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20101112", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.41, "pe_ttm": 18.3504, "pb": 1.1603, "dv_ttm": 2.2181, "total_mv": 1676595.247, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 13.5, 22.2, 33.8, 35.4, 36.5], "rev_series": [18.8, 11.3, 8.5, 61.4, 59.2, 59.9], "np_series": [-4.9, -2.4, -1.5, 7.1, 6.1, 8.7], "roe_series": [-25.0, -14.8, -10.8, 9.8, 4.5, 6.3], "period": "20260630", "rev_ttm": 59.1, "np_ttm": 9.1, "ocf_ttm": 24.2, "fcf_ttm": 19.4, "fcf_yield": 11.6, "ocf_yield": 14.4, "gm_median": 33.8, "gm_std": 9.0, "gm_stab": 0.73, "gm_chg_2022": 3.1, "npm_median": 10.6, "roe_median": 4.5, "commodity": false, "hard_ratio": 25.7, "fix_assets": 76.5, "goodwill_ratio": 0.4, "pb_calc": 1.16, "capex_dep": 0.81, "interest_debt": 71.2, "debt_ebitda": 2.5, "debt_ratio": 50.1, "debt_mv": 42.5, "payout": 52.2, "div_years": 2, "rev_cagr3": 91.8, "np_cagr3": null, "rev_yoy": -2.7, "np_yoy": 7.8, "np_vol": 23.6, "loss_years": 2, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["固废综合处理", 45.0], ["固废处理业务", 45.0], ["电工装备板块", 4.0], ["电工装备业务", 4.0]], "ret_prev_year": 15.5, "ret_prev2_year": -18.5, "ret_ytd": -19.4, "ret_pivot": 26.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.6, "ret_60": 1.3, "ret_120": -29.2, "ret_250": -15.9, "mdd_250": -39.2, "vol_250": 35.3, "pos_52w": 66.7}, "S": {"duration": 37, "pricing": 52, "hard": 41, "bondness": 39}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 9.1 亿,近 5 年亏损 2 年;PE 18 倍(盈利极薄),估值指标失真。", "资产负债率 50%,有息负债 71 亿,经营现金流/市值 14.4%: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 26%,毛利率近 5 年中位 33.8%。", "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 11.6%(经营现金流/市值 14.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.8%,稳定度 73%,2020→2022 成本通胀期毛利率变化 3.1 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 0.81 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.4 倍 粗算,约 73%(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 -16%,最大回撤 -39%,年化波动 35%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -2% / 1% / -29%。", "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%。", "节能环境:PE 比行业中位低 7.7倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 6.2个百分点;固定资产占比 比行业中位高 11.8个百分点。"]}}