{"F": {"ts_code": "000544.SZ", "name": "中原环保", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "水务及水治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "19931208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.38, "pe_ttm": 6.9921, "pb": 0.764, "dv_ttm": 3.6585, "total_mv": 719317.161, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.9, 21.4, 23.2, 28.2, 44.3, 46.8], "rev_series": [21.5, 61.4, 62.2, 78.1, 54.4, 55.4], "np_series": [5.0, 5.1, 4.3, 8.6, 10.3, 10.8], "roe_series": [8.1, 8.0, 6.5, 12.1, 11.9, 10.3], "period": "20260630", "rev_ttm": 55.0, "np_ttm": 10.2, "ocf_ttm": 6.8, "fcf_ttm": -19.0, "fcf_yield": -26.4, "ocf_yield": 9.5, "gm_median": 28.2, "gm_std": 10.7, "gm_stab": 0.62, "gm_chg_2022": -14.7, "npm_median": 11.6, "roe_median": 10.3, "commodity": false, "hard_ratio": 7.6, "fix_assets": 34.8, "goodwill_ratio": 0.0, "pb_calc": 0.63, "capex_dep": 14.1, "interest_debt": 272.2, "debt_ebitda": 10.9, "debt_ratio": 73.1, "debt_mv": 378.5, "payout": 25.4, "div_years": 5, "rev_cagr3": -3.8, "np_cagr3": 35.9, "rev_yoy": -2.0, "np_yoy": -6.6, "np_vol": 13.4, "loss_years": 0, "far_share": 28.0, "earn_yield": 14.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["污水处理", 27.0], ["生态环境治理", 15.0], ["污泥处理处置", 5.0]], "ret_prev_year": -1.8, "ret_prev2_year": 31.6, "ret_ytd": -8.3, "ret_pivot": 13.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": 0.0, "ret_120": -17.1, "ret_250": -10.8, "mdd_250": -22.6, "vol_250": 22.1, "pos_52w": 81.9}, "S": {"duration": 16, "pricing": 40, "hard": 12, "bondness": 66}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 7.0 倍、股息率 3.7%、毛利率近 5 年中位 28.2%、固定资产占比 8%、有息负债/EBITDA 10.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 28.2%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -26.4%(经营现金流/市值 9.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.2%,稳定度 62%,2020→2022 成本通胀期毛利率变化 -14.7 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 8%,资本开支/折旧 14.10 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.0 倍 粗算,约 28%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -11%,最大回撤 -23%,年化波动 22%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 0% / 0% / -17%。", "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%。", "中原环保:PE 比行业中位低 19.1倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位高 0.6个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}