{"F": {"ts_code": "603177.SH", "name": "德创环保", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "大气治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "20170207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.56, "pe_ttm": null, "pb": 7.19, "dv_ttm": null, "total_mv": 215626.752, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.7, 11.0, 25.9, 20.8, 23.5, 19.7], "rev_series": [4.2, 6.2, 8.0, 8.0, 9.2, 10.7], "np_series": [-1.2, -0.8, 0.1, -0.5, 0.2, -0.3], "roe_series": [-25.9, -21.8, 2.6, -13.0, 6.1, -8.5], "period": "20260630", "rev_ttm": 10.0, "np_ttm": -0.8, "ocf_ttm": 1.6, "fcf_ttm": 1.4, "fcf_yield": 6.3, "ocf_yield": 7.4, "gm_median": 20.8, "gm_std": 5.1, "gm_stab": 0.76, "gm_chg_2022": 13.2, "npm_median": -3.5, "roe_median": -8.5, "commodity": false, "hard_ratio": 18.3, "fix_assets": 3.1, "goodwill_ratio": 5.4, "pb_calc": 7.19, "capex_dep": 0.51, "interest_debt": 7.6, "debt_ebitda": 18.2, "debt_ratio": 79.8, "debt_mv": 35.3, "payout": 36.4, "div_years": 1, "rev_cagr3": 10.5, "np_cagr3": null, "rev_yoy": -15.3, "np_yoy": -293.9, "np_vol": 286.6, "loss_years": 3, "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], ["脱硝催化剂", 17.0], ["烟气治理工程", 16.0], ["脱硫设备", 10.0]], "ret_prev_year": 52.0, "ret_prev2_year": -37.9, "ret_ytd": -5.1, "ret_pivot": 56.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.7, "ret_60": 13.2, "ret_120": -13.8, "ret_250": 6.7, "mdd_250": -50.9, "vol_250": 57.2, "pos_52w": 66.2}, "S": {"duration": 100, "pricing": 48, "hard": 29, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 80%,有息负债 8 亿,经营现金流/市值 7.4%: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 18%,毛利率近 5 年中位 20.8%。", "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 6.3%(经营现金流/市值 7.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.8%,稳定度 76%,2020→2022 成本通胀期毛利率变化 13.2 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 18%,资本开支/折旧 0.51 倍。有一些。"], ["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 7%,最大回撤 -51%,年化波动 57%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 17% / 13% / -14%。", "行业对照": ["同申万二级「环境治理」107 家中位:PE 26.1 / 股息率 1.6% / 毛利率 27.6% / 固定资产占比 14% / 分红率 38%。", "德创环保:PE ;股息率 ;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位高 4.4个百分点。"]}}