{"F": {"ts_code": "600758.SH", "name": "辽宁能源", "mkt": "CN", "ccy": "元", "sw1": "煤炭", "sw2": "煤炭开采", "sw3": "焦煤", "ind": "煤炭开采", "fin_source": "tushare", "market": "主板", "list_date": "19961029", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.67, "pe_ttm": null, "pb": 0.97, "dv_ttm": null, "total_mv": 485180.3858, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.6, 21.7, 26.1, 18.5, 23.4, 12.4], "rev_series": [50.5, 59.1, 66.2, 56.0, 55.3, 46.9], "np_series": [-4.7, 0.3, 1.9, 0.2, 2.0, -2.7], "roe_series": [-9.0, 0.5, 3.8, 0.5, 3.8, -5.0], "period": "20260630", "rev_ttm": 40.3, "np_ttm": -7.5, "ocf_ttm": 0.9, "fcf_ttm": -0.4, "fcf_yield": -0.9, "ocf_yield": 1.9, "gm_median": 21.7, "gm_std": 4.7, "gm_stab": 0.78, "gm_chg_2022": 16.5, "npm_median": 0.4, "roe_median": 0.5, "commodity": true, "hard_ratio": 41.0, "fix_assets": 53.1, "goodwill_ratio": 0.0, "pb_calc": 0.97, "capex_dep": 0.24, "interest_debt": 48.9, "debt_ebitda": 61.5, "debt_ratio": 61.4, "debt_mv": 100.8, "payout": 34.7, "div_years": 2, "rev_cagr3": -10.8, "np_cagr3": null, "rev_yoy": -27.5, "np_yoy": -3333.5, "np_vol": 390.2, "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", 39.0], ["煤炭产品", 22.0], ["煤炭业产品销售", 22.0], ["电力、热力及供暖", 17.0]], "ret_prev_year": 6.8, "ret_prev2_year": -4.5, "ret_ytd": 0.8, "ret_pivot": 34.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.3, "ret_60": -10.0, "ret_120": -12.8, "ret_250": -8.3, "mdd_250": -52.3, "vol_250": 57.4, "pos_52w": 59.8}, "S": {"duration": 100, "pricing": 70, "hard": 66, "bondness": 47}, "label": "亏损或困境", "tags": ["商品定价"], "text": {"像什么": ["TTM 归母净利 -7.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 61%,有息负债 49 亿,经营现金流/市值 1.9%: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 41%、毛利率 21.7% 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 -0.9%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 78%,2020→2022 成本通胀期毛利率变化 16.5 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 41%,资本开支/折旧 0.24 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 -8%,最大回撤 -52%,年化波动 57%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 4% / -10% / -13%。", "行业对照": ["同申万二级「煤炭开采」26 家中位:PE 25.7 / 股息率 1.9% / 毛利率 34.5% / 固定资产占比 50% / 分红率 51%。", "辽宁能源:PE ;股息率 ;毛利率 比行业中位低 12.8个百分点;固定资产占比 比行业中位低 8.5个百分点。"]}}