{"F": {"ts_code": "US.VHI", "name": "瓦利化工", "mkt": "US", "ccy": "美元", "sw1": "化学制品", "sw2": "化学制品", "sw3": "", "ind": "化学制品", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.83, "pe_ttm": -9.96, "pb": 0.483, "dv_ttm": 1.79, "total_mv": 50496.687119, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [14.2], "rev_series": [20.8], "np_series": [-0.5], "roe_series": [-5.6], "rev_ttm": 20.8, "np_ttm": -0.5, "ocf_ttm": 1.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 22.1, "gm_median": 14.2, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -2.6, "roe_median": -5.6, "commodity": true, "hard_ratio": 35.2, "fix_assets": 9.5, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.8, "debt_ratio": 48.2, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -1.3, "np_yoy": -134.0, "np_vol": null, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 50.4, "ret_20": 12.7, "ret_60": 25.9, "ret_120": 29.6, "ret_250": 11.5, "mdd_250": null, "vol_250": null, "pos_52w": 93.3, "eps": -2.02}, "S": {"duration": 100, "pricing": 70, "hard": 56, "bondness": 24}, "label": "亏损或困境", "tags": ["商品定价"], "text": {"像什么": ["TTM 归母净利 -0.5 亿;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 —,经营现金流/市值 22.1%: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": "硬资产占比 35%、毛利率 14.2% 两条都占,但所在行业(化学制品)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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?", "经营现金流/市值 22.1%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 14.2%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 35%。涨。"], ["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 12%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 13% / 26% / 30%。", "行业对照": ["同富途行业「化学制品」15 家中位:PE 13.3 / 股息率 1.3% / 毛利率 10.8% / 固定资产占比 53% / 分红率 0%。", "瓦利化工:PE 比行业中位低 23.3倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 3.4个百分点;固定资产占比 比行业中位低 17.9个百分点。"]}}