{"F": {"ts_code": "600187.SH", "name": "*ST国中", "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": "主板", "list_date": "19981111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.33, "pe_ttm": null, "pb": 0.7299, "dv_ttm": null, "total_mv": 214632.8863, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.6, 15.3, 23.7, 15.3, 31.3, 32.0], "rev_series": [3.8, 3.8, 2.9, 2.3, 1.8, 2.2], "np_series": [0.3, -0.9, -1.2, 0.3, 0.4, -2.1], "roe_series": [0.9, -2.7, -3.6, 1.0, 1.4, -7.0], "period": "20260630", "rev_ttm": 2.9, "np_ttm": -1.9, "ocf_ttm": 0.0, "fcf_ttm": -0.1, "fcf_yield": -0.4, "ocf_yield": 0.1, "gm_median": 23.7, "gm_std": 7.3, "gm_stab": 0.69, "gm_chg_2022": -9.9, "npm_median": -24.3, "roe_median": -2.7, "commodity": false, "hard_ratio": 3.7, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 0.73, "capex_dep": 1.72, "interest_debt": 0.3, "debt_ebitda": 0.6, "debt_ratio": 7.8, "debt_mv": 1.5, "payout": null, "div_years": 0, "rev_cagr3": -8.2, "np_cagr3": null, "rev_yoy": 90.8, "np_yoy": 115.8, "np_vol": 277.1, "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": [["污水处理", 50.0], ["贸易", 40.0], ["工程服务", 4.0], ["工程施工", 4.0]], "ret_prev_year": -25.9, "ret_prev2_year": 27.3, "ret_ytd": -46.6, "ret_pivot": -62.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": -16.9, "ret_120": -35.1, "ret_250": -56.5, "mdd_250": -59.8, "vol_250": 46.6, "pos_52w": 43.5}, "S": {"duration": 100, "pricing": 40, "hard": 6, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 8%,有息负债 0 亿,经营现金流/市值 0.1%: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 4%,毛利率近 5 年中位 23.7%。", "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 -0.4%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.7%,稳定度 69%,2020→2022 成本通胀期毛利率变化 -9.9 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 4%,资本开支/折旧 1.72 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 -56%,最大回撤 -60%,年化波动 47%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -4% / -17% / -35%。", "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%。", "*ST国中:PE ;股息率 ;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位低 10.2个百分点。"]}}