{"F": {"ts_code": "300332.SZ", "name": "天壕能源", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "燃气Ⅱ", "sw3": "燃气Ⅲ", "ind": "燃气Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20120628", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.03, "pe_ttm": null, "pb": 1.1076, "dv_ttm": null, "total_mv": 426398.0118, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.7, 28.1, 24.4, 18.0, 12.3, 18.9], "rev_series": [16.9, 20.5, 38.4, 45.2, 38.4, 25.7], "np_series": [0.6, 2.0, 3.7, 2.4, 1.2, -2.8], "roe_series": [1.6, 5.7, 9.6, 5.8, 3.0, -6.9], "period": "20260630", "rev_ttm": 26.1, "np_ttm": -2.8, "ocf_ttm": 7.0, "fcf_ttm": 4.0, "fcf_yield": 9.4, "ocf_yield": 16.5, "gm_median": 18.9, "gm_std": 5.4, "gm_stab": 0.71, "gm_chg_2022": -2.4, "npm_median": 6.4, "roe_median": 5.7, "commodity": false, "hard_ratio": 33.2, "fix_assets": 25.1, "goodwill_ratio": 11.8, "pb_calc": 1.09, "capex_dep": 2.63, "interest_debt": 13.7, "debt_ebitda": 2.9, "debt_ratio": 44.8, "debt_mv": 32.1, "payout": 20.0, "div_years": 3, "rev_cagr3": -12.5, "np_cagr3": null, "rev_yoy": 2.5, "np_yoy": 4.3, "np_vol": 192.2, "loss_years": 1, "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": [["燃气供应及安装业务", 48.0], ["天然气供应及管输运营", 48.0], ["膜产品销售", 1.0], ["水处理工程服务及膜产品销售收入", 1.0]], "ret_prev_year": -9.8, "ret_prev2_year": -26.7, "ret_ytd": -3.6, "ret_pivot": 18.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": 9.3, "ret_120": -18.7, "ret_250": -7.0, "mdd_250": -41.7, "vol_250": 51.7, "pos_52w": 69.5}, "S": {"duration": 100, "pricing": 40, "hard": 53, "bondness": 36}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -2.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 14 亿,经营现金流/市值 16.5%: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 33%),没有定价权:毛利率近 5 年中位 18.9%,稳定度 71%。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 9.4%(经营现金流/市值 16.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.9%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -2.4 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 33%,资本开支/折旧 2.63 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 -7%,最大回撤 -42%,年化波动 52%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 6% / 9% / -19%。", "行业对照": ["同申万二级「燃气Ⅱ」30 家中位:PE 22.2 / 股息率 2.5% / 毛利率 15.7% / 固定资产占比 47% / 分红率 50%。", "天壕能源:PE ;股息率 ;毛利率 比行业中位高 3.2个百分点;固定资产占比 比行业中位低 13.4个百分点。"]}}