{"F": {"ts_code": "688671.SH", "name": "碧兴物联", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环保设备Ⅱ", "sw3": "环保设备Ⅲ", "ind": "环保设备Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20230809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 24.53, "pe_ttm": null, "pb": 1.9523, "dv_ttm": null, "total_mv": 192606.8617, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.1, 32.3, 38.8, 33.1, 24.3, 13.5], "rev_series": [4.1, 5.7, 4.7, 3.5, 3.3, 3.3], "np_series": [0.5, 0.7, 0.6, 0.2, -0.4, -0.9], "roe_series": [16.0, 18.3, 12.6, 2.8, -3.4, -8.1], "period": "20260630", "rev_ttm": 3.2, "np_ttm": -0.9, "ocf_ttm": -0.0, "fcf_ttm": -0.0, "fcf_yield": -0.3, "ocf_yield": -0.2, "gm_median": 32.3, "gm_std": 8.8, "gm_stab": 0.73, "gm_chg_2022": -2.3, "npm_median": 6.9, "roe_median": 2.8, "commodity": false, "hard_ratio": 1.1, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 1.95, "capex_dep": 0.15, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 23.0, "debt_mv": 0.8, "payout": 25.0, "div_years": 1, "rev_cagr3": -11.6, "np_cagr3": null, "rev_yoy": -6.6, "np_yoy": -27.8, "np_vol": 108.8, "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", 34.0], ["环境检测治理", 22.0], ["数字生态(环境监测运营服务)", 22.0], ["环境检测类仪器", 9.0]], "ret_prev_year": 46.7, "ret_prev2_year": -51.5, "ret_ytd": -1.0, "ret_pivot": 72.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.3, "ret_60": 4.6, "ret_120": 4.7, "ret_250": 5.3, "mdd_250": -48.0, "vol_250": 55.6, "pos_52w": 69.0}, "S": {"duration": 100, "pricing": 47, "hard": 2, "bondness": 32}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 23%,有息负债 0 亿,经营现金流/市值 -0.2%: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 1%,毛利率近 5 年中位 32.3%。", "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 -0.3%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.3%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -2.3 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 1%,资本开支/折旧 0.15 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 5%,最大回撤 -48%,年化波动 56%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 2% / 5% / 5%。", "行业对照": ["同申万二级「环保设备Ⅱ」27 家中位:PE 34.2 / 股息率 1.0% / 毛利率 27.4% / 固定资产占比 17% / 分红率 41%。", "碧兴物联:PE ;股息率 ;毛利率 比行业中位高 4.9个百分点;固定资产占比 比行业中位低 16.3个百分点。"]}}