{"F": {"ts_code": "300958.SZ", "name": "建工修复", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20210329", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 12.49, "pe_ttm": null, "pb": 1.589, "dv_ttm": null, "total_mv": 195764.0134, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.6, 23.5, 21.8, 23.6, 20.4, 21.2], "rev_series": [10.4, 10.8, 12.7, 12.5, 8.4, 6.0], "np_series": [0.8, 0.9, 1.0, 0.7, -0.6, -0.8], "roe_series": [12.2, 10.1, 9.0, 5.4, -4.1, -6.6], "period": "20260630", "rev_ttm": 5.0, "np_ttm": -0.5, "ocf_ttm": 1.2, "fcf_ttm": 1.1, "fcf_yield": 5.8, "ocf_yield": 6.0, "gm_median": 21.8, "gm_std": 1.3, "gm_stab": 0.94, "gm_chg_2022": 0.1, "npm_median": 5.7, "roe_median": 5.4, "commodity": false, "hard_ratio": 4.7, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 1.59, "capex_dep": 0.22, "interest_debt": 1.9, "debt_ebitda": null, "debt_ratio": 51.0, "debt_mv": 9.7, "payout": 25.7, "div_years": 3, "rev_cagr3": -22.0, "np_cagr3": null, "rev_yoy": -32.3, "np_yoy": 105.8, "np_vol": 69.8, "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": [["环境修复整体解决方案", 47.0], ["环境修复工程", 47.0], ["技术服务", 7.0], ["环境修复药剂", 0.0]], "ret_prev_year": 7.7, "ret_prev2_year": -33.3, "ret_ytd": 0.6, "ret_pivot": 28.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.0, "ret_60": 6.3, "ret_120": -14.1, "ret_250": -11.4, "mdd_250": -29.2, "vol_250": 30.8, "pos_52w": 84.4}, "S": {"duration": 100, "pricing": 51, "hard": 8, "bondness": 32}, "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 51%,有息负债 2 亿,经营现金流/市值 6.0%: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 5%,毛利率近 5 年中位 21.8%。", "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 5.8%(经营现金流/市值 6.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.1 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 5%,资本开支/折旧 0.22 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 -11%,最大回撤 -29%,年化波动 31%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 11% / 6% / -14%。", "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%。", "建工修复:PE ;股息率 ;毛利率 比行业中位低 5.8个百分点;固定资产占比 比行业中位低 9.2个百分点。"]}}