{"F": {"ts_code": "605069.SH", "name": "正和生态", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "20210816", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.68, "pe_ttm": null, "pb": 3.5845, "dv_ttm": null, "total_mv": 226093.2504, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.8, 39.9, 28.1, -21.4, 11.9, -19.5], "rev_series": [10.6, 11.3, 3.5, 1.6, 3.6, 3.6], "np_series": [1.1, 1.1, -3.4, -4.3, -1.7, -1.6], "roe_series": [9.6, 7.0, -20.4, -34.3, -17.5, -19.8], "period": "20260630", "rev_ttm": 2.8, "np_ttm": -2.5, "ocf_ttm": 0.3, "fcf_ttm": 0.3, "fcf_yield": 1.2, "ocf_yield": 1.3, "gm_median": 11.9, "gm_std": 24.7, "gm_stab": -1.08, "gm_chg_2022": -4.6, "npm_median": -47.6, "roe_median": -19.8, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 3.58, "capex_dep": 0.95, "interest_debt": 11.2, "debt_ebitda": null, "debt_ratio": 75.4, "debt_mv": 49.4, "payout": null, "div_years": 1, "rev_cagr3": 1.0, "np_cagr3": null, "rev_yoy": -49.1, "np_yoy": -387.5, "np_vol": 172.1, "loss_years": 4, "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", 50.0], ["水利工程", 36.0], ["水生态保护与修复", 13.0], ["规划设计服务", 0.0]], "ret_prev_year": 92.7, "ret_prev2_year": -22.3, "ret_ytd": -27.3, "ret_pivot": 89.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.2, "ret_60": -7.5, "ret_120": -23.9, "ret_250": -5.5, "mdd_250": -45.1, "vol_250": 58.2, "pos_52w": 64.8}, "S": {"duration": 100, "pricing": 10, "hard": 0, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.5 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 75%,有息负债 11 亿,经营现金流/市值 1.3%: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 0%,毛利率近 5 年中位 11.9%。", "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 1.2%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.9%,稳定度 -108%,2020→2022 成本通胀期毛利率变化 -4.6 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 0%,资本开支/折旧 0.95 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 -6%,最大回撤 -45%,年化波动 58%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -2% / -8% / -24%。", "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%。", "正和生态:PE ;股息率 ;毛利率 比行业中位低 15.7个百分点;固定资产占比 比行业中位低 13.8个百分点。"]}}