{"F": {"ts_code": "603176.SH", "name": "汇通集团", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "基建市政工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20211231", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.49, "pe_ttm": null, "pb": 2.4584, "dv_ttm": 0.2756, "total_mv": 258695.2233, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.6, 14.5, 16.2, 16.7, 15.7, 19.3], "rev_series": [24.0, 23.7, 26.6, 27.8, 34.6, 23.2], "np_series": [1.0, 0.8, 0.7, 0.6, 0.7, 0.4], "roe_series": [14.1, 9.9, 7.3, 5.5, 6.1, 3.4], "period": "20260630", "rev_ttm": 22.4, "np_ttm": -0.5, "ocf_ttm": -0.9, "fcf_ttm": -1.5, "fcf_yield": -5.6, "ocf_yield": -3.5, "gm_median": 16.2, "gm_std": 1.6, "gm_stab": 0.9, "gm_chg_2022": 2.7, "npm_median": 2.0, "roe_median": 6.1, "commodity": false, "hard_ratio": 2.0, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 2.33, "capex_dep": 3.76, "interest_debt": 27.4, "debt_ebitda": 11.8, "debt_ratio": 79.0, "debt_mv": 105.7, "payout": 15.4, "div_years": 5, "rev_cagr3": -4.5, "np_cagr3": -18.9, "rev_yoy": -7.6, "np_yoy": -359.0, "np_vol": 18.9, "loss_years": 0, "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], ["建造合同", 42.0], ["材料销售", 3.0], ["商品销售", 3.0]], "ret_prev_year": 18.9, "ret_prev2_year": -27.9, "ret_ytd": 4.7, "ret_pivot": 33.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 20.4, "ret_60": 14.3, "ret_120": -3.9, "ret_250": -18.1, "mdd_250": -42.7, "vol_250": 34.9, "pos_52w": 80.4}, "S": {"duration": 100, "pricing": 49, "hard": 3, "bondness": 42}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 79%,有息负债 27 亿,经营现金流/市值 -3.5%: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 2%,毛利率近 5 年中位 16.2%。", "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 -5.6%(经营现金流/市值 -3.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 2.7 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 2%,资本开支/折旧 3.76 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 -18%,最大回撤 -43%,年化波动 35%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 20% / 14% / -4%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "汇通集团:PE ;股息率 比行业中位低 2.0个百分点;毛利率 比行业中位高 3.8个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}