{"F": {"ts_code": "300929.SZ", "name": "华骐环保", "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": "20210120", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.35, "pe_ttm": null, "pb": 2.816, "dv_ttm": null, "total_mv": 216037.455, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.0, 26.5, 30.1, 27.9, 25.4, 21.8], "rev_series": [5.9, 6.3, 4.3, 3.5, 2.8, 3.6], "np_series": [0.7, 0.7, 0.4, 0.1, -0.4, -0.4], "roe_series": [15.1, 11.0, 5.3, 0.8, -5.1, -5.1], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -0.5, "ocf_ttm": 0.2, "fcf_ttm": 0.2, "fcf_yield": 1.0, "ocf_yield": 1.0, "gm_median": 26.5, "gm_std": 2.8, "gm_stab": 0.9, "gm_chg_2022": 3.1, "npm_median": 1.8, "roe_median": 0.8, "commodity": false, "hard_ratio": 11.9, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 2.82, "capex_dep": -0.07, "interest_debt": 6.4, "debt_ebitda": null, "debt_ratio": 56.0, "debt_mv": 29.6, "payout": 40.0, "div_years": 3, "rev_cagr3": -6.1, "np_cagr3": null, "rev_yoy": 16.4, "np_yoy": -214.1, "np_vol": 287.5, "loss_years": 2, "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", 39.0], ["水环境治理工程业务", 17.0], ["水环境治理工程", 17.0], ["污水处理投资运营", 12.0]], "ret_prev_year": 30.0, "ret_prev2_year": -31.9, "ret_ytd": 52.1, "ret_pivot": 137.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.0, "ret_60": 46.8, "ret_120": 29.6, "ret_250": 42.1, "mdd_250": -28.0, "vol_250": 55.9, "pos_52w": 90.9}, "S": {"duration": 100, "pricing": 55, "hard": 19, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 6 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 12%,毛利率近 5 年中位 26.5%。", "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 1.0%(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 26.5%,稳定度 90%,2020→2022 成本通胀期毛利率变化 3.1 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 12%,资本开支/折旧 -0.07 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 42%,最大回撤 -28%,年化波动 56%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 17% / 47% / 30%。", "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%。", "华骐环保:PE ;股息率 ;毛利率 比行业中位低 1.1个百分点;固定资产占比 比行业中位低 2.0个百分点。"]}}