{"F": {"ts_code": "600217.SH", "name": "中再资环", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "固废治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "19991216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.25, "pe_ttm": null, "pb": 1.8945, "dv_ttm": null, "total_mv": 538737.4525, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.5, 24.6, 17.7, 15.3, 7.9, -11.4], "rev_series": [33.3, 34.7, 31.2, 37.0, 40.2, 31.4], "np_series": [4.1, 3.1, 0.6, 0.7, 0.2, -5.8], "roe_series": [20.5, 13.4, 2.6, 2.6, 0.7, -18.5], "period": "20260630", "rev_ttm": 30.1, "np_ttm": -2.5, "ocf_ttm": 15.4, "fcf_ttm": 14.2, "fcf_yield": 26.4, "ocf_yield": 28.6, "gm_median": 15.3, "gm_std": 12.3, "gm_stab": 0.2, "gm_chg_2022": -14.7, "npm_median": 1.8, "roe_median": 2.6, "commodity": false, "hard_ratio": 16.3, "fix_assets": 8.3, "goodwill_ratio": 0.2, "pb_calc": 1.89, "capex_dep": 1.33, "interest_debt": 18.2, "debt_ebitda": null, "debt_ratio": 44.1, "debt_mv": 33.7, "payout": 203.9, "div_years": 2, "rev_cagr3": 0.1, "np_cagr3": null, "rev_yoy": -8.9, "np_yoy": 91.6, "np_vol": 1063.9, "loss_years": 1, "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", 35.0], ["电子废弃物拆解", 30.0], ["废电拆解物", 30.0], ["工业废弃物及深加工", 5.0]], "ret_prev_year": -23.0, "ret_prev2_year": 21.9, "ret_ytd": -20.3, "ret_pivot": -27.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": 2.8, "ret_120": -20.1, "ret_250": -28.4, "mdd_250": -38.0, "vol_250": 26.8, "pos_52w": 71.4}, "S": {"duration": 100, "pricing": 18, "hard": 26, "bondness": 58}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -2.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 18 亿,经营现金流/市值 28.6%: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 16%,毛利率近 5 年中位 15.3%。", "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 26.4%(经营现金流/市值 28.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.3%,稳定度 20%,2020→2022 成本通胀期毛利率变化 -14.7 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 16%,资本开支/折旧 1.33 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 -28%,最大回撤 -38%,年化波动 27%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 4% / 3% / -20%。", "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%。", "中再资环:PE ;股息率 ;毛利率 比行业中位低 12.3个百分点;固定资产占比 比行业中位高 2.4个百分点。"]}}