{"F": {"ts_code": "300152.SZ", "name": "*ST动力", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20101229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.73, "pe_ttm": null, "pb": 5.885, "dv_ttm": null, "total_mv": 123314.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.5, 24.8, 28.2, 16.6, 9.6, 24.8], "rev_series": [5.1, 1.8, 1.9, 2.0, 1.9, 2.5], "np_series": [0.1, -2.7, -0.9, -0.7, -0.5, -0.3], "roe_series": [1.7, -43.0, -20.8, -21.0, -18.0, -12.2], "period": "20260630", "rev_ttm": 2.7, "np_ttm": -0.3, "ocf_ttm": 0.1, "fcf_ttm": 0.1, "fcf_yield": 0.8, "ocf_yield": 0.9, "gm_median": 24.8, "gm_std": 6.8, "gm_stab": 0.73, "gm_chg_2022": -2.3, "npm_median": -36.6, "roe_median": -20.8, "commodity": false, "hard_ratio": 14.0, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 5.88, "capex_dep": 0.08, "interest_debt": 0.6, "debt_ebitda": 5.7, "debt_ratio": 68.4, "debt_mv": 4.6, "payout": null, "div_years": 0, "rev_cagr3": 9.7, "np_cagr3": null, "rev_yoy": 22.8, "np_yoy": 18.7, "np_vol": 877.0, "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", 34.0], ["洁净燃烧及锅炉节能提效经营分部", 32.0], ["洁净燃烧", 32.0], ["其他业务", 2.0]], "ret_prev_year": -57.6, "ret_prev2_year": 72.9, "ret_ytd": -19.2, "ret_pivot": -7.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.6, "ret_60": -0.6, "ret_120": -30.2, "ret_250": -41.9, "mdd_250": -54.9, "vol_250": 61.6, "pos_52w": 56.9}, "S": {"duration": 100, "pricing": 44, "hard": 22, "bondness": 25}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 68%,有息负债 1 亿,经营现金流/市值 0.9%: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 14%,毛利率近 5 年中位 24.8%。", "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 0.8%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -2.3 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 14%,资本开支/折旧 0.08 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 -42%,最大回撤 -55%,年化波动 62%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 15% / -1% / -30%。", "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%。", "*ST动力:PE ;股息率 ;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位高 0.1个百分点。"]}}