{"F": {"ts_code": "000685.SZ", "name": "中山公用", "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": "19970123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.43, "pe_ttm": 6.3845, "pb": 0.8659, "dv_ttm": 3.3683, "total_mv": 1677616.6473, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.1, 32.1, 20.3, 20.2, 18.9, 22.9], "rev_series": [21.8, 23.7, 36.2, 52.0, 56.8, 46.1], "np_series": [13.7, 14.7, 10.7, 9.7, 12.0, 18.8], "roe_series": [10.1, 10.0, 7.0, 6.0, 7.1, 10.4], "period": "20260630", "rev_ttm": 46.6, "np_ttm": 26.3, "ocf_ttm": 9.2, "fcf_ttm": -3.8, "fcf_yield": -2.3, "ocf_yield": 5.5, "gm_median": 20.3, "gm_std": 4.8, "gm_stab": 0.76, "gm_chg_2022": -11.8, "npm_median": 29.0, "roe_median": 7.1, "commodity": false, "hard_ratio": 15.2, "fix_assets": 58.8, "goodwill_ratio": 0.1, "pb_calc": 0.87, "capex_dep": 2.88, "interest_debt": 126.5, "debt_ebitda": 9.9, "debt_ratio": 48.3, "debt_mv": 75.4, "payout": 30.3, "div_years": 5, "rev_cagr3": 8.4, "np_cagr3": 20.6, "rev_yoy": 2.4, "np_yoy": 104.0, "np_vol": 28.8, "loss_years": 0, "far_share": 22.0, "earn_yield": 15.7, "consensus_n": 2, "fwd_pe": 7.6, "fwd_pe2": 7.3, "fwd_g1": -16.0, "fwd_g2": 5.0, "peg": 1.52, "consensus_disp": null, "mainbz": [["产品", 41.0], ["污水处理", 19.0], ["供水及污水处理", 19.0], ["工程及其他业务", 17.0]], "ret_prev_year": 33.9, "ret_prev2_year": 33.7, "ret_ytd": 1.5, "ret_pivot": 78.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": 15.9, "ret_120": 0.7, "ret_250": 14.8, "mdd_250": -29.7, "vol_250": 38.9, "pos_52w": 81.4}, "S": {"duration": 15, "pricing": 40, "hard": 24, "bondness": 57}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 6.4 倍、股息率 3.4%、毛利率近 5 年中位 20.3%、固定资产占比 15%、有息负债/EBITDA 9.9 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 15%,毛利率近 5 年中位 20.3%。", "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 -2.3%(经营现金流/市值 5.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.3%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -11.8 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 15%,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 6.4 倍 粗算,约 22%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 15%,最大回撤 -30%,年化波动 39%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 4% / 16% / 1%。", "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%。", "中山公用:PE 比行业中位低 19.7倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位低 7.3个百分点;固定资产占比 比行业中位高 1.3个百分点。"]}}