{"F": {"ts_code": "300844.SZ", "name": "山水比德", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "工程咨询服务Ⅱ", "sw3": "工程咨询服务Ⅲ", "ind": "工程咨询服务Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20210813", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 24.54, "pe_ttm": null, "pb": 2.975, "dv_ttm": null, "total_mv": 228739.5486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.0, 46.0, 13.4, 36.1, 50.0, 44.9], "rev_series": [4.9, 5.9, 3.3, 3.3, 4.6, 4.7], "np_series": [1.0, 0.5, -1.2, -1.1, 0.3, -0.3], "roe_series": [51.5, 8.7, -13.5, -13.7, 3.8, -3.3], "period": "20260630", "rev_ttm": 4.4, "np_ttm": -0.7, "ocf_ttm": -0.2, "fcf_ttm": -0.3, "fcf_yield": -1.4, "ocf_yield": -1.0, "gm_median": 44.9, "gm_std": 13.2, "gm_stab": 0.71, "gm_chg_2022": -41.6, "npm_median": -5.2, "roe_median": -3.3, "commodity": false, "hard_ratio": 6.1, "fix_assets": 0.6, "goodwill_ratio": 1.1, "pb_calc": 2.97, "capex_dep": 1.87, "interest_debt": 0.9, "debt_ebitda": null, "debt_ratio": 24.4, "debt_mv": 3.8, "payout": null, "div_years": 0, "rev_cagr3": 12.7, "np_cagr3": null, "rev_yoy": -13.7, "np_yoy": -2090.9, "np_vol": 161.0, "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", 36.0], ["社区景观", 26.0], ["景观设计", 26.0], ["居住建筑", 5.0]], "ret_prev_year": 58.3, "ret_prev2_year": -9.1, "ret_ytd": -30.9, "ret_pivot": 37.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": -0.8, "ret_120": -34.8, "ret_250": -58.1, "mdd_250": -65.9, "vol_250": 52.1, "pos_52w": 42.2}, "S": {"duration": 100, "pricing": 51, "hard": 10, "bondness": 10}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 24%,有息负债 1 亿,经营现金流/市值 -1.0%: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 6%,毛利率近 5 年中位 44.9%。", "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 -1.4%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.9%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -41.6 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 6%,资本开支/折旧 1.87 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 -58%,最大回撤 -66%,年化波动 52%,现价在 52 周高点的 42%;近 20 / 60 / 120 日 7% / -1% / -35%。", "行业对照": ["同申万二级「工程咨询服务Ⅱ」46 家中位:PE 41.0 / 股息率 1.4% / 毛利率 33.2% / 固定资产占比 7% / 分红率 39%。", "山水比德:PE ;股息率 ;毛利率 比行业中位高 11.7个百分点;固定资产占比 比行业中位低 0.6个百分点。"]}}