{"F": {"ts_code": "000811.SZ", "name": "冰轮环境", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "制冷空调设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "19980528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.2, "pe_ttm": 58.9379, "pb": 5.5226, "dv_ttm": 0.2762, "total_mv": 3592770.36, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.4, 22.0, 22.7, 25.6, 27.6, 26.9], "rev_series": [40.4, 53.8, 61.0, 75.0, 66.3, 70.5], "np_series": [2.2, 3.0, 4.3, 6.5, 6.3, 5.6], "roe_series": [5.5, 6.6, 8.8, 12.7, 11.2, 9.3], "period": "20260630", "rev_ttm": 76.1, "np_ttm": 6.1, "ocf_ttm": 8.6, "fcf_ttm": 7.7, "fcf_yield": 2.2, "ocf_yield": 2.4, "gm_median": 25.6, "gm_std": 2.3, "gm_stab": 0.91, "gm_chg_2022": -3.7, "npm_median": 8.9, "roe_median": 9.3, "commodity": false, "hard_ratio": 10.2, "fix_assets": 13.5, "goodwill_ratio": 6.1, "pb_calc": 5.52, "capex_dep": 0.5, "interest_debt": 10.4, "debt_ebitda": 1.1, "debt_ratio": 47.9, "debt_mv": 2.9, "payout": 17.5, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": 9.8, "rev_yoy": 18.0, "np_yoy": 17.0, "np_vol": 25.7, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 18, "fwd_pe": 43.1, "fwd_pe2": 27.3, "fwd_g1": 37.0, "fwd_g2": 58.0, "peg": 0.74, "consensus_disp": null, "mainbz": [["产品", 50.0], ["工业产品销售", 40.0], ["工程施工", 7.0], ["其他", 2.0]], "ret_prev_year": 101.6, "ret_prev2_year": -9.2, "ret_ytd": 96.5, "ret_pivot": 486.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.4, "ret_60": 15.7, "ret_120": 89.6, "ret_250": 156.2, "mdd_250": -42.0, "vol_250": 71.9, "pos_52w": 64.4}, "S": {"duration": 77, "pricing": 49, "hard": 16, "bondness": 26}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 58.9 倍、股息率 0.3%、毛利率近 5 年中位 25.6%、固定资产占比 10%、有息负债/EBITDA 1.1 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 10%,毛利率近 5 年中位 25.6%。", "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 2.2%(经营现金流/市值 2.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.6%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -3.7 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 10%,资本开支/折旧 0.50 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.9 倍 粗算,约 92%(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 156%,最大回撤 -42%,年化波动 72%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -14% / 16% / 90%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "冰轮环境:PE 比行业中位高 8.3倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}