{"F": {"ts_code": "002034.SZ", "name": "旺能环境", "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": "20040826", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.83, "pe_ttm": 10.1774, "pb": 0.8623, "dv_ttm": 1.108, "total_mv": 766267.8796, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.8, 36.9, 36.4, 37.3, 38.5, 41.8], "rev_series": [17.0, 29.7, 33.5, 31.8, 31.7, 32.4], "np_series": [5.2, 6.5, 7.2, 6.0, 5.6, 7.2], "roe_series": [11.8, 12.8, 12.6, 9.7, 8.6, 10.4], "period": "20260630", "rev_ttm": 32.4, "np_ttm": 7.5, "ocf_ttm": 18.1, "fcf_ttm": 11.7, "fcf_yield": 15.3, "ocf_yield": 23.7, "gm_median": 37.3, "gm_std": 1.9, "gm_stab": 0.95, "gm_chg_2022": -13.5, "npm_median": 21.7, "roe_median": 10.4, "commodity": false, "hard_ratio": 35.9, "fix_assets": 50.3, "goodwill_ratio": 0.0, "pb_calc": 0.86, "capex_dep": 1.69, "interest_debt": 33.2, "debt_ebitda": 1.8, "debt_ratio": 35.5, "debt_mv": 43.3, "payout": 35.7, "div_years": 5, "rev_cagr3": -1.1, "np_cagr3": -0.0, "rev_yoy": -0.2, "np_yoy": 8.3, "np_vol": 17.5, "loss_years": 0, "far_share": 51.0, "earn_yield": 9.8, "consensus_n": 6, "fwd_pe": 9.9, "fwd_pe2": 9.2, "fwd_g1": 3.0, "fwd_g2": 7.0, "peg": 1.41, "consensus_disp": null, "mainbz": [["产品", 46.0], ["生活垃圾项目运行", 36.0], ["餐厨垃圾项目运行", 7.0], ["餐厨垃圾处理项目运营", 7.0]], "ret_prev_year": 6.0, "ret_prev2_year": 5.3, "ret_ytd": -6.7, "ret_pivot": 19.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.4, "ret_60": -11.2, "ret_120": -21.4, "ret_250": -17.4, "mdd_250": -41.5, "vol_250": 31.4, "pos_52w": 64.4}, "S": {"duration": 22, "pricing": 56, "hard": 57, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 10.2 倍、股息率 1.1%、毛利率近 5 年中位 37.3%、固定资产占比 36%、有息负债/EBITDA 1.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 36%、毛利率 37.3% 看起来两条都占,但价格受管制(环境治理:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 15.3%(经营现金流/市值 23.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.3%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -13.5 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 36%,资本开支/折旧 1.69 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.2 倍 粗算,约 51%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -17%,最大回撤 -42%,年化波动 31%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 5% / -11% / -21%。", "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%。", "旺能环境:PE 比行业中位低 15.9倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 9.7个百分点;固定资产占比 比行业中位高 22.0个百分点。"]}}