{"F": {"ts_code": "688178.SH", "name": "万德斯", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "固废治理", "ind": "环境治理", "fin_source": "tushare", "market": "科创板", "list_date": "20200114", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 27.55, "pe_ttm": null, "pb": 2.5482, "dv_ttm": null, "total_mv": 234168.939, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.1, 28.4, 26.5, 13.8, 18.9, 10.1], "rev_series": [8.0, 10.5, 8.6, 8.1, 6.2, 5.0], "np_series": [1.3, 0.7, 0.2, -0.9, -0.7, -1.2], "roe_series": [15.0, 6.3, 1.9, -7.4, -6.9, -11.9], "period": "20260630", "rev_ttm": 6.6, "np_ttm": -0.9, "ocf_ttm": 0.7, "fcf_ttm": 0.2, "fcf_yield": 0.8, "ocf_yield": 3.0, "gm_median": 18.9, "gm_std": 7.0, "gm_stab": 0.63, "gm_chg_2022": -5.6, "npm_median": -11.1, "roe_median": -6.9, "commodity": false, "hard_ratio": 8.4, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 2.55, "capex_dep": 2.27, "interest_debt": 5.3, "debt_ebitda": 47.8, "debt_ratio": 55.3, "debt_mv": 22.7, "payout": null, "div_years": 1, "rev_cagr3": -16.5, "np_cagr3": null, "rev_yoy": 78.7, "np_yoy": 105.7, "np_vol": 181.9, "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", 49.0], ["其他业务", 1.0]], "ret_prev_year": 92.4, "ret_prev2_year": -30.9, "ret_ytd": 14.6, "ret_pivot": 221.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": -29.2, "ret_120": 4.6, "ret_250": 6.0, "mdd_250": -44.4, "vol_250": 54.7, "pos_52w": 67.7}, "S": {"duration": 100, "pricing": 35, "hard": 13, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 55%,有息负债 5 亿,经营现金流/市值 3.0%: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 8%,毛利率近 5 年中位 18.9%。", "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 0.8%(经营现金流/市值 3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.9%,稳定度 63%,2020→2022 成本通胀期毛利率变化 -5.6 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 8%,资本开支/折旧 2.27 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 -44%,年化波动 55%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 0% / -29% / 5%。", "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%。", "万德斯:PE ;股息率 ;毛利率 比行业中位低 8.7个百分点;固定资产占比 比行业中位低 5.5个百分点。"]}}