{"F": {"ts_code": "300334.SZ", "name": "津膜科技", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "水务及水治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20120705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.34, "pe_ttm": null, "pb": 4.684, "dv_ttm": null, "total_mv": 251922.5436, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.0, 30.8, 10.0, 28.6, 26.8, 28.6], "rev_series": [5.0, 4.7, 2.4, 2.0, 2.5, 2.4], "np_series": [-0.9, 0.3, -1.8, -0.1, 0.1, -0.3], "roe_series": [-11.1, 3.7, -27.2, -1.9, 1.9, -5.9], "period": "20260630", "rev_ttm": 3.1, "np_ttm": -0.4, "ocf_ttm": -0.2, "fcf_ttm": -0.5, "fcf_yield": -1.9, "ocf_yield": -0.8, "gm_median": 28.6, "gm_std": 7.6, "gm_stab": 0.74, "gm_chg_2022": -15.0, "npm_median": -5.5, "roe_median": -1.9, "commodity": false, "hard_ratio": 18.6, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 4.68, "capex_dep": 1.65, "interest_debt": 2.1, "debt_ebitda": null, "debt_ratio": 44.7, "debt_mv": 8.2, "payout": null, "div_years": 0, "rev_cagr3": -0.3, "np_cagr3": null, "rev_yoy": 61.9, "np_yoy": -3629.2, "np_vol": 370.9, "loss_years": 3, "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", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 20.4, "ret_prev2_year": -25.3, "ret_ytd": 19.8, "ret_pivot": 64.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": -35.1, "ret_120": 2.1, "ret_250": 9.4, "mdd_250": -46.6, "vol_250": 49.1, "pos_52w": 62.2}, "S": {"duration": 100, "pricing": 44, "hard": 30, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 45%,有息负债 2 亿,经营现金流/市值 -0.8%: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 19%,毛利率近 5 年中位 28.6%。", "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 -1.9%(经营现金流/市值 -0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.6%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -15.0 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 19%,资本开支/折旧 1.65 倍。有一些。"], ["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 9%,最大回撤 -47%,年化波动 49%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -3% / -35% / 2%。", "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%。", "津膜科技:PE ;股息率 ;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位高 4.7个百分点。"]}}