{"F": {"ts_code": "000967.SZ", "name": "盈峰环境", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环保设备Ⅱ", "sw3": "环保设备Ⅲ", "ind": "环保设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20000330", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.05, "pe_ttm": 41.9704, "pb": 1.4468, "dv_ttm": 1.6007, "total_mv": 2704147.0645, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.9, 22.0, 22.7, 22.8, 21.8, 21.9], "rev_series": [143.3, 118.1, 122.6, 126.3, 131.2, 138.4], "np_series": [13.9, 7.3, 4.2, 5.0, 5.1, 5.5], "roe_series": [8.5, 4.3, 2.4, 2.9, 2.9, 3.2], "period": "20260630", "rev_ttm": 152.5, "np_ttm": 6.4, "ocf_ttm": 41.0, "fcf_ttm": 31.5, "fcf_yield": 11.7, "ocf_yield": 15.2, "gm_median": 22.0, "gm_std": 0.4, "gm_stab": 0.98, "gm_chg_2022": -2.1, "npm_median": 4.1, "roe_median": 2.9, "commodity": false, "hard_ratio": 8.1, "fix_assets": 30.7, "goodwill_ratio": 13.9, "pb_calc": 1.45, "capex_dep": 2.62, "interest_debt": 100.3, "debt_ebitda": 3.6, "debt_ratio": 49.7, "debt_mv": 37.1, "payout": 78.1, "div_years": 5, "rev_cagr3": 4.1, "np_cagr3": 9.5, "rev_yoy": 21.8, "np_yoy": 24.7, "np_vol": 27.8, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 3, "fwd_pe": 33.5, "fwd_pe2": 29.5, "fwd_g1": 25.0, "fwd_g2": 14.0, "peg": 2.39, "consensus_disp": null, "mainbz": [["产品", 40.0], ["环卫服务", 18.0], ["智慧服务", 18.0], ["智能装备", 17.0]], "ret_prev_year": 55.0, "ret_prev2_year": 8.0, "ret_ytd": 11.7, "ret_pivot": 127.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.9, "ret_60": -17.1, "ret_120": -9.2, "ret_250": 13.9, "mdd_250": -58.0, "vol_250": 57.6, "pos_52w": 49.4}, "S": {"duration": 65, "pricing": 51, "hard": 13, "bondness": 64}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 42.0 倍、股息率 1.6%、毛利率近 5 年中位 22.0%、固定资产占比 8%、有息负债/EBITDA 3.6 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 22.0%。", "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 11.7%(经营现金流/市值 15.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.0%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -2.1 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 2.62 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.0 倍 粗算,约 88%(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 14%,最大回撤 -58%,年化波动 58%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -14% / -17% / -9%。", "行业对照": ["同申万二级「环保设备Ⅱ」27 家中位:PE 34.2 / 股息率 1.0% / 毛利率 27.4% / 固定资产占比 17% / 分红率 41%。", "盈峰环境:PE 比行业中位高 7.8倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 5.4个百分点;固定资产占比 比行业中位低 9.3个百分点。"]}}