{"F": {"ts_code": "603200.SH", "name": "上海洗霸", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "水务及水治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "20170601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 41.1, "pe_ttm": null, "pb": 6.6422, "dv_ttm": 0.073, "total_mv": 721223.211, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.5, 28.8, 28.5, 34.1, 35.4, 31.3], "rev_series": [5.3, 5.6, 6.0, 5.4, 5.1, 5.0], "np_series": [0.3, 0.4, 0.4, 0.4, 0.4, 0.9], "roe_series": [4.4, 5.0, 4.9, 4.3, 4.6, 8.7], "period": "20260630", "rev_ttm": 5.1, "np_ttm": -0.2, "ocf_ttm": -0.1, "fcf_ttm": -1.7, "fcf_yield": -2.4, "ocf_yield": -0.1, "gm_median": 31.3, "gm_std": 2.8, "gm_stab": 0.91, "gm_chg_2022": 4.0, "npm_median": 7.2, "roe_median": 4.9, "commodity": false, "hard_ratio": 14.3, "fix_assets": 2.7, "goodwill_ratio": 0.0, "pb_calc": 6.64, "capex_dep": 7.49, "interest_debt": 4.5, "debt_ebitda": 12.0, "debt_ratio": 37.1, "debt_mv": 6.3, "payout": 31.8, "div_years": 5, "rev_cagr3": -6.0, "np_cagr3": 28.6, "rev_yoy": 4.0, "np_yoy": -106.1, "np_vol": 42.3, "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", 38.0], ["化学品销售与服务", 14.0], ["设备销售与安装", 12.0], ["设备安装与销售", 12.0]], "ret_prev_year": 194.5, "ret_prev2_year": 14.5, "ret_ytd": -42.2, "ret_pivot": 132.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.2, "ret_60": -8.0, "ret_120": -39.5, "ret_250": -45.0, "mdd_250": -69.7, "vol_250": 52.8, "pos_52w": 38.7}, "S": {"duration": 100, "pricing": 58, "hard": 23, "bondness": 47}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 0 年;PE 为负,估值指标失真。", "资产负债率 37%,有息负债 4 亿,经营现金流/市值 -0.1%: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": "只占定价权一条(毛利率 31.3%),硬资产占比 14%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -2.4%(经营现金流/市值 -0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.3%,稳定度 91%,2020→2022 成本通胀期毛利率变化 4.0 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 14%,资本开支/折旧 7.49 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 -45%,最大回撤 -70%,年化波动 53%,现价在 52 周高点的 39%;近 20 / 60 / 120 日 9% / -8% / -40%。", "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%。", "上海洗霸:PE ;股息率 比行业中位低 1.5个百分点;毛利率 比行业中位高 3.7个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}