{"F": {"ts_code": "688133.SH", "name": "泰坦科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "化学制品", "sw3": "其他化学制品", "ind": "化学制品", "fin_source": "tushare", "market": "科创板", "list_date": "20201030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.11, "pe_ttm": null, "pb": 1.2797, "dv_ttm": null, "total_mv": 347126.507, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.3, 21.2, 22.0, 21.2, 20.2, 21.1], "rev_series": [13.8, 21.6, 26.1, 27.7, 28.8, 25.2], "np_series": [1.0, 1.4, 1.2, 0.7, 0.1, -0.3], "roe_series": [10.3, 9.6, 5.8, 2.6, 0.5, -1.1], "period": "20260630", "rev_ttm": 25.7, "np_ttm": -0.8, "ocf_ttm": 2.1, "fcf_ttm": -0.6, "fcf_yield": -1.9, "ocf_yield": 6.0, "gm_median": 21.2, "gm_std": 0.6, "gm_stab": 0.97, "gm_chg_2022": 0.8, "npm_median": 2.7, "roe_median": 2.6, "commodity": false, "hard_ratio": 25.2, "fix_assets": 12.5, "goodwill_ratio": 2.5, "pb_calc": 1.28, "capex_dep": 3.29, "interest_debt": 17.1, "debt_ebitda": 20.1, "debt_ratio": 43.7, "debt_mv": 49.2, "payout": 59.9, "div_years": 4, "rev_cagr3": -1.1, "np_cagr3": null, "rev_yoy": 3.8, "np_yoy": -537.1, "np_vol": 132.3, "loss_years": 1, "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], ["科研试剂", 21.0], ["特种化学品", 15.0], ["科研仪器及耗材", 13.0]], "ret_prev_year": 21.8, "ret_prev2_year": -44.9, "ret_ytd": -4.7, "ret_pivot": 46.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.9, "ret_60": 13.1, "ret_120": -8.0, "ret_250": -30.0, "mdd_250": -36.9, "vol_250": 55.4, "pos_52w": 71.8}, "S": {"duration": 100, "pricing": 53, "hard": 40, "bondness": 56}, "label": "亏损或困境", "tags": ["资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 44%,有息负债 17 亿,经营现金流/市值 6.0%: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": "两条都不占:固定资产占比 25%,毛利率近 5 年中位 21.2%。", "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 -1.9%(经营现金流/市值 6.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 25%,资本开支/折旧 3.29 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 -30%,最大回撤 -37%,年化波动 55%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 -16% / 13% / -8%。", "行业对照": ["同申万二级「化学制品」188 家中位:PE 35.9 / 股息率 1.1% / 毛利率 22.3% / 固定资产占比 34% / 分红率 41%。", "泰坦科技:PE ;股息率 ;毛利率 比行业中位低 1.1个百分点;固定资产占比 比行业中位低 9.3个百分点。"]}}