{"F": {"ts_code": "603727.SH", "name": "博迈科", "mkt": "CN", "ccy": "元", "sw1": "石油石化", "sw2": "油服工程", "sw3": "油气及炼化工程", "ind": "油服工程", "fin_source": "tushare", "market": "主板", "list_date": "20161122", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.17, "pe_ttm": null, "pb": 1.6575, "dv_ttm": 1.0837, "total_mv": 511883.9681, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.0, 10.7, 11.7, 8.5, 16.2, 19.5], "rev_series": [25.8, 40.8, 32.2, 18.0, 26.4, 19.0], "np_series": [1.3, 1.7, 0.6, -0.8, 1.0, 0.6], "roe_series": [5.5, 5.8, 1.9, -2.3, 3.1, 1.9], "period": "20260630", "rev_ttm": 16.2, "np_ttm": -0.2, "ocf_ttm": 4.1, "fcf_ttm": 3.7, "fcf_yield": 7.3, "ocf_yield": 8.0, "gm_median": 11.7, "gm_std": 4.0, "gm_stab": 0.66, "gm_chg_2022": 1.7, "npm_median": 3.2, "roe_median": 1.9, "commodity": true, "hard_ratio": 17.9, "fix_assets": 8.5, "goodwill_ratio": 0.0, "pb_calc": 1.66, "capex_dep": 0.39, "interest_debt": 5.8, "debt_ebitda": 7.0, "debt_ratio": 34.6, "debt_mv": 11.4, "payout": 68.8, "div_years": 5, "rev_cagr3": -16.1, "np_cagr3": -1.7, "rev_yoy": -26.7, "np_yoy": -668.7, "np_vol": 146.1, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 4, "fwd_pe": 43.3, "fwd_pe2": 14.7, "fwd_g1": null, "fwd_g2": 195.0, "peg": 0.22, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 24.9, "ret_prev2_year": -7.5, "ret_ytd": 31.9, "ret_pivot": 104.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.5, "ret_60": 30.4, "ret_120": 3.5, "ret_250": 25.7, "mdd_250": -35.8, "vol_250": 49.6, "pos_52w": 84.0}, "S": {"duration": 100, "pricing": 70, "hard": 29, "bondness": 66}, "label": "亏损或困境", "tags": ["商品定价", "PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 35%,有息负债 6 亿,经营现金流/市值 8.0%: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 11.7%),硬资产占比 18%。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 7.3%(经营现金流/市值 8.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.7%,稳定度 66%,2020→2022 成本通胀期毛利率变化 1.7 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 18%,资本开支/折旧 0.39 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 26%,最大回撤 -36%,年化波动 50%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -0% / 30% / 4%。", "行业对照": ["同申万二级「油服工程」14 家中位:PE 62.0 / 股息率 1.3% / 毛利率 14.7% / 固定资产占比 25% / 分红率 35%。", "博迈科:PE ;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 3.0个百分点;固定资产占比 比行业中位低 6.9个百分点。"]}}