{"F": {"ts_code": "600326.SH", "name": "西藏天路", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "水泥", "sw3": "水泥制造", "ind": "水泥", "fin_source": "tushare", "market": "主板", "list_date": "20010116", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.55, "pe_ttm": null, "pb": 2.6734, "dv_ttm": null, "total_mv": 1028660.622, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.3, 16.0, 4.7, 9.6, 16.5, 16.0], "rev_series": [70.8, 57.8, 38.5, 41.0, 31.4, 35.5], "np_series": [4.4, 0.4, -5.0, -5.3, -1.0, -0.6], "roe_series": [10.9, 0.8, -12.1, -14.4, -2.8, -1.5], "period": "20260630", "rev_ttm": 33.5, "np_ttm": -0.3, "ocf_ttm": 3.5, "fcf_ttm": 2.2, "fcf_yield": 2.2, "ocf_yield": 3.4, "gm_median": 16.0, "gm_std": 4.7, "gm_stab": 0.71, "gm_chg_2022": -22.6, "npm_median": -4.4, "roe_median": -2.8, "commodity": false, "hard_ratio": 27.7, "fix_assets": 31.4, "goodwill_ratio": 0.4, "pb_calc": 2.67, "capex_dep": 0.47, "interest_debt": 27.1, "debt_ebitda": 8.6, "debt_ratio": 48.8, "debt_mv": 26.3, "payout": null, "div_years": 1, "rev_cagr3": -2.6, "np_cagr3": null, "rev_yoy": -14.3, "np_yoy": 23.2, "np_vol": 597.8, "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": [["水泥销售", 56.0], ["房建工程", 9.0], ["商砼销售", 6.0], ["商混销售", 6.0]], "ret_prev_year": 70.7, "ret_prev2_year": 34.3, "ret_ytd": -31.6, "ret_pivot": 42.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": 6.6, "ret_120": -30.2, "ret_250": -51.0, "mdd_250": -59.8, "vol_250": 38.1, "pos_52w": 49.7}, "S": {"duration": 100, "pricing": 37, "hard": 44, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 49%,有息负债 27 亿,经营现金流/市值 3.4%: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 28%,毛利率近 5 年中位 16.0%。", "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 2.2%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.0%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -22.6 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 28%,资本开支/折旧 0.47 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 -51%,最大回撤 -60%,年化波动 38%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -1% / 7% / -30%。", "行业对照": ["同申万二级「水泥」21 家中位:PE 19.9 / 股息率 2.8% / 毛利率 17.5% / 固定资产占比 32% / 分红率 50%。", "西藏天路:PE ;股息率 ;毛利率 比行业中位低 1.5个百分点;固定资产占比 比行业中位低 4.1个百分点。"]}}