{"F": {"ts_code": "603137.SH", "name": "恒尚节能", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "装修装饰Ⅱ", "sw3": "装修装饰Ⅲ", "ind": "装修装饰Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20230419", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 20.11, "pe_ttm": null, "pb": 3.0902, "dv_ttm": null, "total_mv": 367878.8663, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.7, 14.1, 16.4, 14.8, 14.7, 13.9], "rev_series": [16.7, 20.7, 19.4, 22.1, 21.6, 14.8], "np_series": [0.8, 0.9, 1.2, 1.3, 0.9, -0.4], "roe_series": [24.8, 22.6, 23.7, 15.0, 7.9, -3.0], "period": "20260630", "rev_ttm": 11.4, "np_ttm": -0.5, "ocf_ttm": -0.9, "fcf_ttm": -1.0, "fcf_yield": -2.6, "ocf_yield": -2.4, "gm_median": 14.7, "gm_std": 0.9, "gm_stab": 0.94, "gm_chg_2022": 0.6, "npm_median": 4.3, "roe_median": 15.0, "commodity": false, "hard_ratio": 4.5, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 3.09, "capex_dep": 0.45, "interest_debt": 6.6, "debt_ebitda": 14.4, "debt_ratio": 59.4, "debt_mv": 17.8, "payout": 17.3, "div_years": 2, "rev_cagr3": -8.6, "np_cagr3": null, "rev_yoy": -32.9, "np_yoy": -34.4, "np_vol": 61.0, "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], ["幕墙工程收入", 31.0], ["幕墙工程", 31.0], ["门窗工程", 4.0]], "ret_prev_year": 30.6, "ret_prev2_year": -23.7, "ret_ytd": 46.4, "ret_pivot": 115.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -26.9, "ret_60": 74.3, "ret_120": 42.0, "ret_250": 26.3, "mdd_250": -43.5, "vol_250": 54.4, "pos_52w": 56.5}, "S": {"duration": 100, "pricing": 48, "hard": 7, "bondness": 41}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 59%,有息负债 7 亿,经营现金流/市值 -2.4%: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 4%,毛利率近 5 年中位 14.7%。", "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 -2.6%(经营现金流/市值 -2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.7%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.6 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 4%,资本开支/折旧 0.45 倍。没有资产可言。"], ["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 26%,最大回撤 -44%,年化波动 54%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -27% / 74% / 42%。", "行业对照": ["同申万二级「装修装饰Ⅱ」22 家中位:PE 49.6 / 股息率 2.4% / 毛利率 12.9% / 固定资产占比 8% / 分红率 28%。", "恒尚节能:PE ;股息率 ;毛利率 比行业中位高 1.8个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}