{"F": {"ts_code": "600408.SH", "name": "安泰集团", "mkt": "CN", "ccy": "元", "sw1": "煤炭", "sw2": "焦炭Ⅱ", "sw3": "焦炭Ⅲ", "ind": "焦炭Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20030212", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.05, "pe_ttm": null, "pb": 2.7107, "dv_ttm": null, "total_mv": 307074.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.3, 5.2, 0.7, -2.9, -0.6, -0.0], "rev_series": [87.9, 129.9, 127.0, 100.1, 66.8, 49.8], "np_series": [3.3, 2.8, -3.0, -6.8, -3.3, -3.0], "roe_series": [14.8, 10.6, -11.1, -31.1, -20.0, -22.0], "period": "20260630", "rev_ttm": 51.7, "np_ttm": -2.8, "ocf_ttm": 2.7, "fcf_ttm": 2.3, "fcf_yield": 7.5, "ocf_yield": 8.9, "gm_median": -0.0, "gm_std": 2.6, "gm_stab": null, "gm_chg_2022": -8.6, "npm_median": -5.0, "roe_median": -20.0, "commodity": true, "hard_ratio": 58.4, "fix_assets": 24.9, "goodwill_ratio": 0.0, "pb_calc": 2.71, "capex_dep": 0.2, "interest_debt": 9.3, "debt_ebitda": 9.1, "debt_ratio": 72.1, "debt_mv": 30.2, "payout": null, "div_years": 0, "rev_cagr3": -26.8, "np_cagr3": null, "rev_yoy": 7.9, "np_yoy": 20.3, "np_vol": 94.7, "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": [["型钢", 75.0], ["焦炭加工及化产", 16.0], ["电力加工", 4.0], ["废钢", 2.0]], "ret_prev_year": 96.6, "ret_prev2_year": -15.6, "ret_ytd": -24.3, "ret_pivot": 93.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.3, "ret_60": 4.5, "ret_120": -26.2, "ret_250": 30.9, "mdd_250": -65.7, "vol_250": 70.1, "pos_52w": 44.3}, "S": {"duration": 100, "pricing": 70, "hard": 93, "bondness": 35}, "label": "亏损或困境", "tags": ["商品定价", "近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.8 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 72%,有息负债 9 亿,经营现金流/市值 8.9%: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": "硬资产占比 58%、毛利率 -0.0% 两条都占,但所在行业(煤炭)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 7.5%(经营现金流/市值 8.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -0.0%,2020→2022 成本通胀期毛利率变化 -8.6 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 58%,资本开支/折旧 0.20 倍。涨。"], ["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 31%,最大回撤 -66%,年化波动 70%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 11% / 4% / -26%。", "行业对照": ["同申万二级「焦炭Ⅱ」7 家中位:PE 68.0 / 股息率 0.6% / 毛利率 2.6% / 固定资产占比 58% / 分红率 33%。", "安泰集团:PE ;股息率 ;毛利率 比行业中位低 2.6个百分点;固定资产占比 与行业中位持平。"]}}