{"F": {"ts_code": "603903.SH", "name": "中持股份", "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": "20170314", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.59, "pe_ttm": null, "pb": 2.4324, "dv_ttm": null, "total_mv": 346979.2005, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.3, 34.4, 32.5, 33.2, 24.2, 28.3], "rev_series": [16.2, 14.6, 14.4, 16.0, 10.6, 10.3], "np_series": [1.4, 1.6, 1.2, 1.6, -1.2, -1.1], "roe_series": [14.2, 14.9, 8.5, 9.5, -7.1, -7.2], "period": "20260630", "rev_ttm": 9.3, "np_ttm": -1.0, "ocf_ttm": 3.1, "fcf_ttm": 2.9, "fcf_yield": 8.4, "ocf_yield": 8.9, "gm_median": 32.5, "gm_std": 3.8, "gm_stab": 0.88, "gm_chg_2022": 4.2, "npm_median": 9.0, "roe_median": 8.5, "commodity": false, "hard_ratio": 6.1, "fix_assets": 2.3, "goodwill_ratio": 4.8, "pb_calc": 2.43, "capex_dep": 1.14, "interest_debt": 10.8, "debt_ebitda": 10.9, "debt_ratio": 60.3, "debt_mv": 31.2, "payout": 30.0, "div_years": 3, "rev_cagr3": -10.6, "np_cagr3": null, "rev_yoy": -23.0, "np_yoy": 45.6, "np_vol": 75.3, "loss_years": 2, "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", 33.0], ["运营服务费", 25.0], ["运营服务", 25.0], ["技术产品销售与技术服务", 5.0]], "ret_prev_year": 126.3, "ret_prev2_year": -33.6, "ret_ytd": -6.6, "ret_pivot": 146.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.3, "ret_60": 16.9, "ret_120": 13.9, "ret_250": 46.1, "mdd_250": -40.4, "vol_250": 60.4, "pos_52w": 78.7}, "S": {"duration": 100, "pricing": 58, "hard": 10, "bondness": 46}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 60%,有息负债 11 亿,经营现金流/市值 8.9%: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 32.5%),硬资产占比 6%。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 8.4%(经营现金流/市值 8.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.5%,稳定度 88%,2020→2022 成本通胀期毛利率变化 4.2 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 6%,资本开支/折旧 1.14 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 46%,最大回撤 -40%,年化波动 60%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 9% / 17% / 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%。", "中持股份:PE ;股息率 ;毛利率 比行业中位高 4.9个百分点;固定资产占比 比行业中位低 7.8个百分点。"]}}