{"F": {"ts_code": "600792.SH", "name": "云煤能源", "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": "19970123", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.98, "pe_ttm": null, "pb": 1.932, "dv_ttm": null, "total_mv": 441749.5928, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.0, 5.1, 2.6, 2.6, -1.9, -2.5], "rev_series": [47.2, 61.0, 75.4, 74.6, 66.7, 54.8], "np_series": [0.6, -0.3, -1.8, 1.5, -6.6, -4.9], "roe_series": [1.7, -0.9, -5.5, 4.5, -20.8, -17.5], "period": "20260630", "rev_ttm": 57.6, "np_ttm": -5.7, "ocf_ttm": 1.8, "fcf_ttm": 1.8, "fcf_yield": 4.0, "ocf_yield": 4.1, "gm_median": 2.6, "gm_std": 2.9, "gm_stab": -0.12, "gm_chg_2022": -7.4, "npm_median": -2.3, "roe_median": -5.5, "commodity": true, "hard_ratio": 45.5, "fix_assets": 37.5, "goodwill_ratio": 0.0, "pb_calc": 1.93, "capex_dep": 0.01, "interest_debt": 17.8, "debt_ebitda": null, "debt_ratio": 71.6, "debt_mv": 40.3, "payout": 46.0, "div_years": 1, "rev_cagr3": -10.1, "np_cagr3": null, "rev_yoy": 10.8, "np_yoy": -52.1, "np_vol": 289.0, "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": [["产品", 48.0], ["焦炭", 36.0], ["煤气", 5.0], ["化工产品", 4.0]], "ret_prev_year": 3.7, "ret_prev2_year": -18.5, "ret_ytd": 2.6, "ret_pivot": 30.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.6, "ret_60": 2.1, "ret_120": -19.3, "ret_250": 2.8, "mdd_250": -44.5, "vol_250": 55.8, "pos_52w": 69.7}, "S": {"duration": 100, "pricing": 70, "hard": 73, "bondness": 39}, "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 -5.7 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 18 亿,经营现金流/市值 4.1%: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": "硬资产占比 46%、毛利率 2.6% 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 4.0%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 2.6%,稳定度 -12%,2020→2022 成本通胀期毛利率变化 -7.4 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 46%,资本开支/折旧 0.01 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 3%,最大回撤 -44%,年化波动 56%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 11% / 2% / -19%。", "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%。", "云煤能源:PE ;股息率 ;毛利率 与行业中位持平;固定资产占比 比行业中位低 12.9个百分点。"]}}