{"F": {"ts_code": "300210.SZ", "name": "森远股份", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环保设备Ⅱ", "sw3": "环保设备Ⅲ", "ind": "环保设备Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20110426", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.1, "pe_ttm": null, "pb": 10.9864, "dv_ttm": null, "total_mv": 392218.2, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.4, 21.4, 20.1, 18.8, 26.5, 29.3], "rev_series": [3.8, 2.1, 2.0, 2.0, 2.3, 3.3], "np_series": [1.2, -1.8, -2.4, -1.1, -0.5, -0.2], "roe_series": [13.3, -20.3, -35.4, -22.4, -11.6, -4.6], "period": "20260630", "rev_ttm": 1.9, "np_ttm": -0.6, "ocf_ttm": 0.7, "fcf_ttm": 0.6, "fcf_yield": 1.5, "ocf_yield": 1.7, "gm_median": 21.4, "gm_std": 4.0, "gm_stab": 0.81, "gm_chg_2022": -16.3, "npm_median": -57.9, "roe_median": -20.3, "commodity": false, "hard_ratio": 31.7, "fix_assets": 3.1, "goodwill_ratio": 0.0, "pb_calc": 10.99, "capex_dep": 0.36, "interest_debt": 2.2, "debt_ebitda": null, "debt_ratio": 63.0, "debt_mv": 5.6, "payout": null, "div_years": 0, "rev_cagr3": 17.1, "np_cagr3": null, "rev_yoy": -75.7, "np_yoy": -454.5, "np_vol": 118.4, "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", 44.0], ["应急抢险设备", 29.0], ["沥青拌合设备", 11.0], ["拌合设备", 11.0]], "ret_prev_year": -13.2, "ret_prev2_year": 3.7, "ret_ytd": -8.9, "ret_pivot": 6.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.9, "ret_60": -15.2, "ret_120": -9.9, "ret_250": -32.3, "mdd_250": -35.0, "vol_250": 48.3, "pos_52w": 65.0}, "S": {"duration": 100, "pricing": 43, "hard": 51, "bondness": 6}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 63%,有息负债 2 亿,经营现金流/市值 1.7%: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": "只占硬资产一条(占比 32%),没有定价权:毛利率近 5 年中位 21.4%,稳定度 81%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 1.5%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.4%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -16.3 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 32%,资本开支/折旧 0.36 倍。涨。"], ["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 -32%,最大回撤 -35%,年化波动 48%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -9% / -15% / -10%。", "行业对照": ["同申万二级「环保设备Ⅱ」27 家中位:PE 34.2 / 股息率 1.0% / 毛利率 27.4% / 固定资产占比 17% / 分红率 41%。", "森远股份:PE ;股息率 ;毛利率 比行业中位低 6.0个百分点;固定资产占比 比行业中位高 14.3个百分点。"]}}