{"F": {"ts_code": "300190.SZ", "name": "维尔利", "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": "20110316", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.07, "pe_ttm": null, "pb": 1.2311, "dv_ttm": null, "total_mv": 385872.223, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.9, 27.4, 17.2, 15.5, 10.0, 16.9], "rev_series": [32.0, 31.5, 20.8, 22.1, 20.5, 16.4], "np_series": [3.6, 1.9, -4.5, -2.0, -7.4, -3.5], "roe_series": [8.7, 4.3, -10.9, -5.3, -23.2, -12.9], "period": "20260630", "rev_ttm": 15.3, "np_ttm": -2.8, "ocf_ttm": 6.2, "fcf_ttm": 4.7, "fcf_yield": 12.3, "ocf_yield": 16.0, "gm_median": 16.9, "gm_std": 5.6, "gm_stab": 0.67, "gm_chg_2022": -12.7, "npm_median": -22.2, "roe_median": -10.9, "commodity": false, "hard_ratio": 14.8, "fix_assets": 9.1, "goodwill_ratio": 5.5, "pb_calc": 1.23, "capex_dep": 1.44, "interest_debt": 15.0, "debt_ebitda": 10.2, "debt_ratio": 47.0, "debt_mv": 38.9, "payout": null, "div_years": 3, "rev_cagr3": -7.7, "np_cagr3": null, "rev_yoy": -13.6, "np_yoy": 187.4, "np_vol": 164.3, "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", 39.0], ["BOT项目运营", 14.0], ["BOT运营服务", 14.0], ["环保工程", 9.0]], "ret_prev_year": 22.2, "ret_prev2_year": -15.8, "ret_ytd": -5.1, "ret_pivot": 43.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.1, "ret_60": -2.9, "ret_120": -11.1, "ret_250": 1.8, "mdd_250": -29.4, "vol_250": 40.9, "pos_52w": 82.1}, "S": {"duration": 100, "pricing": 36, "hard": 24, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 47%,有息负债 15 亿,经营现金流/市值 16.0%: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 15%,毛利率近 5 年中位 16.9%。", "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 12.3%(经营现金流/市值 16.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.9%,稳定度 67%,2020→2022 成本通胀期毛利率变化 -12.7 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 15%,资本开支/折旧 1.44 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 2%,最大回撤 -29%,年化波动 41%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 12% / -3% / -11%。", "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%。", "维尔利:PE ;股息率 ;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位高 0.9个百分点。"]}}