{"F": {"ts_code": "605122.SH", "name": "四方新材", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "水泥", "sw3": "水泥制品", "ind": "水泥", "fin_source": "tushare", "market": "主板", "list_date": "20210310", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.7, "pe_ttm": null, "pb": 1.1603, "dv_ttm": null, "total_mv": 201654.18, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.9, 21.5, 13.9, 13.8, 13.6, 4.1], "rev_series": [11.8, 13.5, 16.5, 19.9, 14.1, 10.3], "np_series": [2.4, 1.3, -1.0, 0.1, -1.6, -3.1], "roe_series": [27.2, 8.0, -4.3, 0.6, -7.7, -16.5], "period": "20260630", "rev_ttm": 9.2, "np_ttm": -2.8, "ocf_ttm": 1.2, "fcf_ttm": 1.0, "fcf_yield": 4.8, "ocf_yield": 5.8, "gm_median": 13.8, "gm_std": 5.5, "gm_stab": 0.6, "gm_chg_2022": -20.0, "npm_median": -6.2, "roe_median": -4.3, "commodity": false, "hard_ratio": 10.1, "fix_assets": 3.0, "goodwill_ratio": 0.1, "pb_calc": 1.16, "capex_dep": 0.32, "interest_debt": 3.9, "debt_ebitda": 12.3, "debt_ratio": 40.9, "debt_mv": 19.1, "payout": 28.7, "div_years": 2, "rev_cagr3": -14.5, "np_cagr3": null, "rev_yoy": -20.8, "np_yoy": 127.8, "np_vol": 535.1, "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", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 23.7, "ret_prev2_year": -34.0, "ret_ytd": -11.0, "ret_pivot": 33.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.5, "ret_60": -2.9, "ret_120": -15.5, "ret_250": -18.2, "mdd_250": -36.4, "vol_250": 33.8, "pos_52w": 77.8}, "S": {"duration": 100, "pricing": 32, "hard": 16, "bondness": 45}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.8 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 4 亿,经营现金流/市值 5.8%: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 10%,毛利率近 5 年中位 13.8%。", "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 4.8%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.8%,稳定度 60%,2020→2022 成本通胀期毛利率变化 -20.0 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 10%,资本开支/折旧 0.32 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 -18%,最大回撤 -36%,年化波动 34%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 8% / -3% / -16%。", "行业对照": ["同申万二级「水泥」21 家中位:PE 19.9 / 股息率 2.8% / 毛利率 17.5% / 固定资产占比 32% / 分红率 50%。", "四方新材:PE ;股息率 ;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位低 21.7个百分点。"]}}