{"F": {"ts_code": "688119.SH", "name": "中钢洛耐", "mkt": "CN", "ccy": "元", "sw1": "建筑材料", "sw2": "装修建材", "sw3": "耐火材料", "ind": "装修建材", "fin_source": "tushare", "market": "科创板", "list_date": "20220606", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.93, "pe_ttm": null, "pb": 1.6203, "dv_ttm": null, "total_mv": 442125.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.2, 21.9, 21.2, 17.5, 15.3, 12.6], "rev_series": [20.2, 26.5, 26.9, 25.1, 21.9, 20.0], "np_series": [2.0, 2.2, 2.3, 0.7, -0.6, -1.5], "roe_series": [19.1, 13.1, 9.4, 2.3, -2.0, -5.2], "period": "20260630", "rev_ttm": 19.5, "np_ttm": -2.7, "ocf_ttm": 2.3, "fcf_ttm": 1.9, "fcf_yield": 4.3, "ocf_yield": 5.2, "gm_median": 17.5, "gm_std": 3.5, "gm_stab": 0.8, "gm_chg_2022": -2.0, "npm_median": 3.2, "roe_median": 2.3, "commodity": false, "hard_ratio": 20.5, "fix_assets": 10.0, "goodwill_ratio": 0.0, "pb_calc": 1.62, "capex_dep": 0.56, "interest_debt": 5.0, "debt_ebitda": null, "debt_ratio": 42.8, "debt_mv": 11.3, "payout": 51.4, "div_years": 2, "rev_cagr3": -9.4, "np_cagr3": null, "rev_yoy": -4.4, "np_yoy": -362.5, "np_vol": 80.2, "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", 45.0], ["耐火材料", 30.0], ["工程技术服务", 9.0], ["工程与技术服务", 9.0]], "ret_prev_year": 43.3, "ret_prev2_year": -19.6, "ret_ytd": -29.7, "ret_pivot": 31.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.2, "ret_60": -9.0, "ret_120": -29.8, "ret_250": -12.9, "mdd_250": -57.7, "vol_250": 55.9, "pos_52w": 46.1}, "S": {"duration": 100, "pricing": 43, "hard": 33, "bondness": 41}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -2.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 43%,有息负债 5 亿,经营现金流/市值 5.2%: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 20%,毛利率近 5 年中位 17.5%。", "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 4.3%(经营现金流/市值 5.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.5%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -2.0 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 20%,资本开支/折旧 0.56 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 -13%,最大回撤 -58%,年化波动 56%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -2% / -9% / -30%。", "行业对照": ["同申万二级「装修建材」39 家中位:PE 36.1 / 股息率 1.6% / 毛利率 20.7% / 固定资产占比 21% / 分红率 51%。", "中钢洛耐:PE ;股息率 ;毛利率 比行业中位低 3.2个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}