{"F": {"ts_code": "688679.SH", "name": "通源环境", "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": "20201225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 41.25, "pe_ttm": null, "pb": 4.9783, "dv_ttm": null, "total_mv": 543220.0125, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.0, 21.2, 19.4, 18.3, 18.4, 15.9], "rev_series": [8.5, 9.6, 12.8, 14.9, 16.0, 13.9], "np_series": [0.9, 0.5, 0.5, 0.3, 0.2, -0.4], "roe_series": [10.6, 4.7, 4.2, 2.8, 1.9, -3.7], "period": "20260630", "rev_ttm": 13.1, "np_ttm": -0.4, "ocf_ttm": 0.7, "fcf_ttm": 0.4, "fcf_yield": 0.7, "ocf_yield": 1.2, "gm_median": 18.4, "gm_std": 1.7, "gm_stab": 0.91, "gm_chg_2022": -8.6, "npm_median": 1.8, "roe_median": 2.8, "commodity": false, "hard_ratio": 12.0, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 4.98, "capex_dep": 1.12, "interest_debt": 2.8, "debt_ebitda": 4.7, "debt_ratio": 59.6, "debt_mv": 5.1, "payout": 33.1, "div_years": 4, "rev_cagr3": 2.8, "np_cagr3": null, "rev_yoy": -11.1, "np_yoy": 35.1, "np_vol": 106.0, "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", 27.0], ["环境整体解决方案", 22.0], ["环境整体解决方案：|固废综合整治", 12.0], ["固废综合整治", 12.0]], "ret_prev_year": 154.5, "ret_prev2_year": -17.7, "ret_ytd": 55.1, "ret_pivot": 566.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.9, "ret_60": -22.5, "ret_120": -3.8, "ret_250": 123.0, "mdd_250": -61.5, "vol_250": 78.6, "pos_52w": 59.1}, "S": {"duration": 100, "pricing": 45, "hard": 19, "bondness": 43}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 60%,有息负债 3 亿,经营现金流/市值 1.2%: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 12%,毛利率近 5 年中位 18.4%。", "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 0.7%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -8.6 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 12%,资本开支/折旧 1.12 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 123%,最大回撤 -62%,年化波动 79%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 17% / -22% / -4%。", "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%。", "通源环境:PE ;股息率 ;毛利率 比行业中位低 9.2个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}