{"F": {"ts_code": "688701.SH", "name": "卓锦股份", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "科创板", "list_date": "20210916", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.35, "pe_ttm": null, "pb": 11.398, "dv_ttm": null, "total_mv": 125549.369, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.1, 34.2, 5.6, 10.8, 9.6, 9.3], "rev_series": [3.4, 4.1, 2.5, 3.5, 2.4, 1.3], "np_series": [0.5, 0.2, -0.9, -1.2, -0.8, -0.6], "roe_series": [17.3, 4.3, -20.6, -35.4, -34.3, -35.8], "period": "20260630", "rev_ttm": 1.3, "np_ttm": -0.7, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 2.6, "ocf_yield": 3.1, "gm_median": 9.6, "gm_std": 10.3, "gm_stab": -0.07, "gm_chg_2022": -32.5, "npm_median": -34.9, "roe_median": -34.3, "commodity": false, "hard_ratio": 6.0, "fix_assets": 0.3, "goodwill_ratio": 0.0, "pb_calc": 11.4, "capex_dep": 0.88, "interest_debt": 1.4, "debt_ebitda": null, "debt_ratio": 75.4, "debt_mv": 10.8, "payout": null, "div_years": 1, "rev_cagr3": -19.9, "np_cagr3": null, "rev_yoy": 15.1, "np_yoy": -58.5, "np_vol": 257.7, "loss_years": 4, "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", 49.0], ["环保综合治理服务", 46.0], ["环保产品销售与服务", 2.0], ["产品销售与服务", 2.0]], "ret_prev_year": 52.3, "ret_prev2_year": -40.9, "ret_ytd": 14.7, "ret_pivot": 126.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 20.6, "ret_60": 10.4, "ret_120": -5.3, "ret_250": 0.1, "mdd_250": -46.1, "vol_250": 47.3, "pos_52w": 81.0}, "S": {"duration": 100, "pricing": 9, "hard": 10, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 75%,有息负债 1 亿,经营现金流/市值 3.1%: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 6%,毛利率近 5 年中位 9.6%。", "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 2.6%(经营现金流/市值 3.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.6%,稳定度 -7%,2020→2022 成本通胀期毛利率变化 -32.5 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 6%,资本开支/折旧 0.88 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 0%,最大回撤 -46%,年化波动 47%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 21% / 10% / -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%。", "卓锦股份:PE ;股息率 ;毛利率 比行业中位低 18.0个百分点;固定资产占比 比行业中位低 7.9个百分点。"]}}