{"F": {"ts_code": "920263.BJ", "name": "中航泰达", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "大气治理", "ind": "环境治理", "fin_source": "tushare", "market": "北交所", "list_date": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.3, "pe_ttm": null, "pb": 2.0046, "dv_ttm": null, "total_mv": 103107.3141, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.8, 18.5, 21.2, 22.2, 19.4, 20.5], "rev_series": [4.0, 5.6, 4.1, 4.7, 3.4, 3.1], "np_series": [0.3, 0.2, 0.4, 0.9, 0.5, -0.0], "roe_series": [8.0, 3.6, 9.1, 17.3, 9.8, -0.7], "period": "20260630", "rev_ttm": 2.7, "np_ttm": -0.5, "ocf_ttm": -0.6, "fcf_ttm": -0.8, "fcf_yield": -7.5, "ocf_yield": -6.3, "gm_median": 20.5, "gm_std": 1.3, "gm_stab": 0.94, "gm_chg_2022": -8.6, "npm_median": 10.5, "roe_median": 9.1, "commodity": false, "hard_ratio": 17.1, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 2.0, "capex_dep": 1.14, "interest_debt": 2.7, "debt_ebitda": null, "debt_ratio": 49.5, "debt_mv": 26.0, "payout": 29.7, "div_years": 3, "rev_cagr3": -8.6, "np_cagr3": null, "rev_yoy": -27.0, "np_yoy": -416.3, "np_vol": 99.9, "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", 48.0], ["运营收入", 35.0], ["建造收入", 9.0], ["循环经济业务", 4.0]], "ret_prev_year": 63.5, "ret_prev2_year": 1.2, "ret_ytd": -41.5, "ret_pivot": 95.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 100, "pricing": 47, "hard": 27, "bondness": 33}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.5 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 50%,有息负债 3 亿,经营现金流/市值 -6.3%: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 17%,毛利率近 5 年中位 20.5%。", "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 -7.5%(经营现金流/市值 -6.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -8.6 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 17%,资本开支/折旧 1.14 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?"]], "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%。", "中航泰达:PE ;股息率 ;毛利率 比行业中位低 7.1个百分点;固定资产占比 比行业中位高 3.2个百分点。"]}}