{"F": {"ts_code": "600052.SH", "name": "东望时代", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "热力服务", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "19970415", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.92, "pe_ttm": null, "pb": 1.5285, "dv_ttm": 0.504, "total_mv": 330924.3224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.5, 23.4, 39.3, 34.4, 38.1, 18.0], "rev_series": [1.9, 2.3, 2.2, 4.1, 4.5, 5.9], "np_series": [-0.5, -0.4, -2.1, 1.1, -3.7, -4.6], "roe_series": [-1.3, -1.2, -6.8, 3.9, -13.3, -19.6], "period": "20260630", "rev_ttm": 4.0, "np_ttm": -5.4, "ocf_ttm": 1.2, "fcf_ttm": 0.8, "fcf_yield": 2.4, "ocf_yield": 3.7, "gm_median": 34.4, "gm_std": 8.4, "gm_stab": 0.75, "gm_chg_2022": 8.8, "npm_median": -79.9, "roe_median": -6.8, "commodity": false, "hard_ratio": 18.1, "fix_assets": 4.9, "goodwill_ratio": 3.3, "pb_calc": 1.53, "capex_dep": 0.46, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 17.1, "debt_mv": 0.8, "payout": 35.7, "div_years": 2, "rev_cagr3": 38.9, "np_cagr3": null, "rev_yoy": -51.2, "np_yoy": -120.6, "np_vol": 240.1, "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": [["产品", 50.0], ["园区生活服务业务", 46.0], ["合成材料制造业务", 4.0], ["其他主营业务", 1.0]], "ret_prev_year": 4.7, "ret_prev2_year": -8.5, "ret_ytd": -16.8, "ret_pivot": 6.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.0, "ret_60": 6.2, "ret_120": -6.9, "ret_250": -12.9, "mdd_250": -40.2, "vol_250": 43.3, "pos_52w": 68.5}, "S": {"duration": 100, "pricing": 55, "hard": 29, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -5.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 17%,有息负债 0 亿,经营现金流/市值 3.7%: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 18%,毛利率近 5 年中位 34.4%。", "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 2.4%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.4%,稳定度 75%,2020→2022 成本通胀期毛利率变化 8.8 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 0.46 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 -13%,最大回撤 -40%,年化波动 43%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 4% / 6% / -7%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "东望时代:PE ;股息率 比行业中位低 1.3个百分点;毛利率 比行业中位高 11.9个百分点;固定资产占比 比行业中位低 42.6个百分点。"]}}