{"F": {"ts_code": "001230.SZ", "name": "劲旅环境", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "固废治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "20220715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.75, "pe_ttm": 20.4589, "pb": 1.8364, "dv_ttm": 1.7724, "total_mv": 370858.5875, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.0, 28.2, 25.1, 24.8, 26.5, 27.3], "rev_series": [12.3, 13.7, 12.6, 14.5, 15.4, 16.7], "np_series": [1.5, 1.8, 1.2, 1.3, 1.4, 1.7], "roe_series": [40.2, 30.1, 10.8, 7.7, 7.8, 8.9], "period": "20260630", "rev_ttm": 18.9, "np_ttm": 1.8, "ocf_ttm": 0.2, "fcf_ttm": -0.8, "fcf_yield": -2.1, "ocf_yield": 0.6, "gm_median": 26.5, "gm_std": 1.3, "gm_stab": 0.95, "gm_chg_2022": -3.9, "npm_median": 10.7, "roe_median": 8.9, "commodity": false, "hard_ratio": 10.3, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 1.84, "capex_dep": 1.8, "interest_debt": 4.6, "debt_ebitda": 1.2, "debt_ratio": 39.4, "debt_mv": 12.4, "payout": 30.2, "div_years": 4, "rev_cagr3": 9.8, "np_cagr3": 10.9, "rev_yoy": 28.6, "np_yoy": 15.3, "np_vol": 18.0, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["智慧运营", 31.0], ["景区智慧化建设与运营业务", 31.0], ["设备制造与销售", 3.0]], "ret_prev_year": 35.8, "ret_prev2_year": -14.5, "ret_ytd": 29.1, "ret_pivot": 111.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.2, "ret_60": 13.8, "ret_120": 12.9, "ret_250": 12.8, "mdd_250": -24.1, "vol_250": 45.0, "pos_52w": 83.1}, "S": {"duration": 40, "pricing": 51, "hard": 16, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.5 倍、股息率 1.8%、毛利率近 5 年中位 26.5%、固定资产占比 10%、有息负债/EBITDA 1.2 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 26.5%。", "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 -2.1%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.5%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -3.9 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 1.80 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.5 倍 粗算,约 76%(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 13%,最大回撤 -24%,年化波动 45%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -0% / 14% / 13%。", "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%。", "劲旅环境:PE 比行业中位低 5.6倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 1.1个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}