{"F": {"ts_code": "001336.SZ", "name": "楚环科技", "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": "20220725", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.59, "pe_ttm": 45.8802, "pb": 2.3525, "dv_ttm": 0.6199, "total_mv": 194238.7304, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.3, 34.9, 32.8, 34.4, 38.1, 34.8], "rev_series": [4.0, 5.9, 5.7, 4.6, 4.0, 4.5], "np_series": [0.7, 0.8, 0.6, 0.4, 0.3, 0.4], "roe_series": [59.1, 36.8, 12.4, 5.0, 3.6, 4.8], "period": "20260630", "rev_ttm": 4.9, "np_ttm": 0.4, "ocf_ttm": 0.3, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 1.5, "gm_median": 34.8, "gm_std": 1.7, "gm_stab": 0.95, "gm_chg_2022": -6.5, "npm_median": 8.6, "roe_median": 5.0, "commodity": false, "hard_ratio": 18.4, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 2.35, "capex_dep": 2.01, "interest_debt": 0.9, "debt_ebitda": 1.7, "debt_ratio": 36.4, "debt_mv": 4.6, "payout": 31.2, "div_years": 4, "rev_cagr3": -7.9, "np_cagr3": -15.9, "rev_yoy": 33.6, "np_yoy": 28.6, "np_vol": 28.5, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "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], ["废气恶臭治理设备", 47.0], ["设备维修及运维服务", 2.0], ["其他业务", 1.0]], "ret_prev_year": 40.6, "ret_prev2_year": -38.9, "ret_ytd": -0.7, "ret_pivot": 61.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.3, "ret_60": -0.9, "ret_120": -12.2, "ret_250": 5.5, "mdd_250": -40.0, "vol_250": 43.8, "pos_52w": 76.2}, "S": {"duration": 68, "pricing": 54, "hard": 29, "bondness": 40}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 45.9 倍、股息率 0.6%、毛利率近 5 年中位 34.8%、固定资产占比 18%、有息负债/EBITDA 1.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.8%),硬资产占比 18%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.1%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -6.5 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 18%,资本开支/折旧 2.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.9 倍 粗算,约 89%(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 6%,最大回撤 -40%,年化波动 44%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 5% / -1% / -12%。", "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%。", "楚环科技:PE 比行业中位高 11.7倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 7.4个百分点;固定资产占比 比行业中位高 1.0个百分点。"]}}