{"F": {"ts_code": "920370.BJ", "name": "新安洁", "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": "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": 3.04, "pe_ttm": null, "pb": 1.6427, "dv_ttm": null, "total_mv": 91286.1363, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.5, 21.6, 16.7, 9.4, 11.0, 9.9], "rev_series": [7.0, 6.1, 6.0, 5.8, 4.7, 3.9], "np_series": [0.9, 0.4, -0.5, -0.5, -0.5, -0.8], "roe_series": [15.2, 5.0, -6.6, -7.4, -7.9, -12.9], "period": "20260630", "rev_ttm": 3.7, "np_ttm": -0.7, "ocf_ttm": 0.3, "fcf_ttm": -0.4, "fcf_yield": -4.7, "ocf_yield": 3.7, "gm_median": 11.0, "gm_std": 4.7, "gm_stab": 0.57, "gm_chg_2022": -8.8, "npm_median": -9.4, "roe_median": -7.4, "commodity": false, "hard_ratio": 27.1, "fix_assets": 2.1, "goodwill_ratio": 0.7, "pb_calc": 1.64, "capex_dep": 2.88, "interest_debt": 0.8, "debt_ebitda": null, "debt_ratio": 26.4, "debt_mv": 8.7, "payout": null, "div_years": 1, "rev_cagr3": -13.1, "np_cagr3": null, "rev_yoy": -11.8, "np_yoy": 30.8, "np_vol": 84.2, "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], ["环卫服务", 43.0], ["航空地服", 3.0], ["可回收物分拣及销售", 2.0]], "ret_prev_year": 21.4, "ret_prev2_year": -2.0, "ret_ytd": -26.6, "ret_pivot": 66.1, "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": 29, "hard": 43, "bondness": 23}, "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 -0.7 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 26%,有息负债 1 亿,经营现金流/市值 3.7%: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 27%,毛利率近 5 年中位 11.0%。", "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 -4.7%(经营现金流/市值 3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.0%,稳定度 57%,2020→2022 成本通胀期毛利率变化 -8.8 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 27%,资本开支/折旧 2.88 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%。", "新安洁:PE ;股息率 ;毛利率 比行业中位低 16.6个百分点;固定资产占比 比行业中位高 13.2个百分点。"]}}