{"F": {"ts_code": "002210.SZ", "name": "飞马国际", "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": "20080130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.27, "pe_ttm": 201.6802, "pb": 6.4074, "dv_ttm": null, "total_mv": 604099.8229, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.7, 25.3, 13.9, 21.1, 31.1, 28.8], "rev_series": [2.5, 2.7, 3.5, 3.6, 2.4, 2.7], "np_series": [82.8, 0.0, 0.9, 0.2, 0.3, 0.2], "roe_series": [null, 3.5, 42.6, 6.0, 8.7, 2.4], "period": "20260630", "rev_ttm": 2.8, "np_ttm": 0.3, "ocf_ttm": 1.1, "fcf_ttm": -0.1, "fcf_yield": -0.2, "ocf_yield": 1.8, "gm_median": 25.3, "gm_std": 6.1, "gm_stab": 0.76, "gm_chg_2022": -8.8, "npm_median": 5.6, "roe_median": 6.0, "commodity": false, "hard_ratio": 2.8, "fix_assets": 0.4, "goodwill_ratio": 29.0, "pb_calc": 6.41, "capex_dep": 302.24, "interest_debt": 0.6, "debt_ebitda": 0.6, "debt_ratio": 31.8, "debt_mv": 1.1, "payout": null, "div_years": 0, "rev_cagr3": -9.1, "np_cagr3": -44.1, "rev_yoy": 15.8, "np_yoy": 556.7, "np_vol": 697.0, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.5, "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], ["环保新能源行业", 25.0], ["垃圾发电", 25.0], ["贸易执行服务", 7.0]], "ret_prev_year": 35.3, "ret_prev2_year": 48.6, "ret_ytd": -36.9, "ret_pivot": 50.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": -7.0, "ret_120": -22.5, "ret_250": -25.1, "mdd_250": -55.3, "vol_250": 54.3, "pos_52w": 49.0}, "S": {"duration": 99, "pricing": 43, "hard": 4, "bondness": 22}, "label": "中性", "tags": ["商誉占比高", "资本开支扩张期"], "text": {"像什么": ["PE 201.7 倍、股息率 —、毛利率近 5 年中位 25.3%、固定资产占比 3%、有息负债/EBITDA 0.6 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 3%,毛利率近 5 年中位 25.3%。", "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 -0.2%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -8.8 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 3%,资本开支/折旧 302.24 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 201.7 倍 粗算,约 98%(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 -25%,最大回撤 -55%,年化波动 54%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 1% / -7% / -22%。", "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%。", "飞马国际:PE 比行业中位高 175.6倍;股息率 ;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位低 11.1个百分点。"]}}