{"F": {"ts_code": "300374.SZ", "name": "中铁装配", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "耐火材料", "ind": "装修建材", "fin_source": "tushare", "market": "创业板", "list_date": "20150319", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.19, "pe_ttm": null, "pb": 3.9599, "dv_ttm": null, "total_mv": 275175.8637, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.9, -45.4, -0.6, 6.1, 10.5, 7.2], "rev_series": [9.9, 4.2, 6.3, 15.0, 19.0, 19.2], "np_series": [0.1, -3.6, -2.6, -1.6, -0.6, -1.2], "roe_series": [0.9, -26.7, -24.7, -18.1, -7.5, -15.3], "period": "20260630", "rev_ttm": 19.3, "np_ttm": -1.3, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 1.5, "ocf_yield": 1.7, "gm_median": 6.1, "gm_std": 20.8, "gm_stab": -2.4, "gm_chg_2022": -22.6, "npm_median": -10.9, "roe_median": -18.1, "commodity": false, "hard_ratio": 19.4, "fix_assets": 8.3, "goodwill_ratio": 0.0, "pb_calc": 3.96, "capex_dep": 0.06, "interest_debt": 11.4, "debt_ebitda": null, "debt_ratio": 83.8, "debt_mv": 41.5, "payout": null, "div_years": 0, "rev_cagr3": 44.6, "np_cagr3": null, "rev_yoy": 1.3, "np_yoy": -31.6, "np_vol": 1069.1, "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", 50.0], ["装配式建筑产品及服务", 49.0], ["其他业务", 1.0]], "ret_prev_year": -11.3, "ret_prev2_year": 44.5, "ret_ytd": -28.6, "ret_pivot": -13.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.6, "ret_60": -1.8, "ret_120": -27.1, "ret_250": -38.4, "mdd_250": -48.7, "vol_250": 34.8, "pos_52w": 59.1}, "S": {"duration": 100, "pricing": 7, "hard": 31, "bondness": 3}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 84%,有息负债 11 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": "两条都不占:固定资产占比 19%,毛利率近 5 年中位 6.1%。", "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 6.1%,稳定度 -240%,2020→2022 成本通胀期毛利率变化 -22.6 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 19%,资本开支/折旧 0.06 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 -38%,最大回撤 -49%,年化波动 35%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 3% / -2% / -27%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "中铁装配:PE ;股息率 ;毛利率 比行业中位低 14.6个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}