{"F": {"ts_code": "301228.SZ", "name": "实朴检测", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "检测服务", "ind": "专业服务", "fin_source": "tushare", "market": "创业板", "list_date": "20220128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 59.59, "pe_ttm": null, "pb": 12.1006, "dv_ttm": null, "total_mv": 728878.6604, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.0, 40.3, 33.4, 20.5, 27.5, 20.3], "rev_series": [3.6, 4.2, 3.5, 3.7, 4.4, 4.0], "np_series": [0.5, 0.5, -0.2, -0.9, -0.7, -0.7], "roe_series": [13.6, 12.6, -2.7, -10.9, -8.6, -10.2], "period": "20260630", "rev_ttm": 3.9, "np_ttm": -0.4, "ocf_ttm": -0.2, "fcf_ttm": -1.0, "fcf_yield": -1.4, "ocf_yield": -0.2, "gm_median": 27.5, "gm_std": 7.7, "gm_stab": 0.72, "gm_chg_2022": -11.6, "npm_median": -12.6, "roe_median": -8.6, "commodity": false, "hard_ratio": 13.1, "fix_assets": 1.4, "goodwill_ratio": 7.6, "pb_calc": 12.1, "capex_dep": 4.12, "interest_debt": 1.6, "debt_ebitda": 5.8, "debt_ratio": 43.2, "debt_mv": 2.2, "payout": null, "div_years": 1, "rev_cagr3": 4.3, "np_cagr3": null, "rev_yoy": -4.3, "np_yoy": 98.1, "np_vol": 168.2, "loss_years": 4, "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": [["土壤和地下水检测", 20.0], ["土壤和地下水", 20.0], ["钻井采样", 10.0], ["钻井", 10.0]], "ret_prev_year": 191.8, "ret_prev2_year": -20.2, "ret_ytd": 54.3, "ret_pivot": 448.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.3, "ret_60": -26.4, "ret_120": 39.7, "ret_250": 117.6, "mdd_250": -45.0, "vol_250": 75.1, "pos_52w": 70.7}, "S": {"duration": 100, "pricing": 43, "hard": 21, "bondness": 31}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 2 亿,经营现金流/市值 -0.2%: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 13%,毛利率近 5 年中位 27.5%。", "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 -1.4%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.5%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -11.6 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 13%,资本开支/折旧 4.12 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 118%,最大回撤 -45%,年化波动 75%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -14% / -26% / 40%。", "行业对照": ["同申万二级「专业服务」33 家中位:PE 36.6 / 股息率 1.0% / 毛利率 45.6% / 固定资产占比 24% / 分红率 43%。", "实朴检测:PE ;股息率 ;毛利率 比行业中位低 18.1个百分点;固定资产占比 比行业中位低 11.2个百分点。"]}}