{"F": {"ts_code": "002011.SZ", "name": "盾安环境", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "家电零部件Ⅱ", "sw3": "家电零部件Ⅲ", "ind": "家电零部件Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20040705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.85, "pe_ttm": 11.5488, "pb": 1.6648, "dv_ttm": 0.9217, "total_mv": 1165807.8705, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.0, 16.3, 17.0, 19.2, 18.2, 18.5], "rev_series": [73.8, 98.4, 101.4, 113.8, 126.8, 130.3], "np_series": [-10.0, 4.1, 8.4, 7.4, 10.4, 10.8], "roe_series": [-53.4, 26.1, 31.2, 18.3, 21.1, 17.7], "period": "20260630", "rev_ttm": 135.4, "np_ttm": 10.1, "ocf_ttm": 16.7, "fcf_ttm": 12.4, "fcf_yield": 10.6, "ocf_yield": 14.3, "gm_median": 18.2, "gm_std": 1.0, "gm_stab": 0.94, "gm_chg_2022": 0.0, "npm_median": 8.2, "roe_median": 21.1, "commodity": false, "hard_ratio": 10.0, "fix_assets": 13.6, "goodwill_ratio": 0.9, "pb_calc": 1.66, "capex_dep": 2.07, "interest_debt": 7.5, "debt_ebitda": 0.5, "debt_ratio": 48.6, "debt_mv": 6.4, "payout": 9.8, "div_years": 1, "rev_cagr3": 8.7, "np_cagr3": 8.7, "rev_yoy": 7.5, "np_yoy": -12.8, "np_vol": 58.8, "loss_years": 0, "far_share": 57.0, "earn_yield": 8.7, "consensus_n": 10, "fwd_pe": 10.6, "fwd_pe2": 9.4, "fwd_g1": 9.0, "fwd_g2": 14.0, "peg": 0.76, "consensus_disp": null, "mainbz": [["产品", 33.0], ["制冷配件", 24.0], ["制冷空调零部件产业", 24.0], ["其他主营业务", 3.0]], "ret_prev_year": 17.5, "ret_prev2_year": -21.5, "ret_ytd": -13.8, "ret_pivot": 11.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.9, "ret_60": 3.0, "ret_120": -18.0, "ret_250": -19.5, "mdd_250": -34.3, "vol_250": 31.2, "pos_52w": 72.9}, "S": {"duration": 25, "pricing": 50, "hard": 16, "bondness": 22}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 11.5 倍、股息率 0.9%、毛利率近 5 年中位 18.2%、固定资产占比 10%、有息负债/EBITDA 0.5 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 18.2%。", "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 10.6%(经营现金流/市值 14.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.0 个百分点。不能。"], ["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 2.07 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.5 倍 粗算,约 57%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -20%,最大回撤 -34%,年化波动 31%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 6% / 3% / -18%。", "行业对照": ["同申万二级「家电零部件Ⅱ」34 家中位:PE 50.3 / 股息率 1.0% / 毛利率 18.8% / 固定资产占比 21% / 分红率 39%。", "盾安环境:PE 比行业中位低 38.8倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 0.6个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}