{"F": {"ts_code": "002266.SZ", "name": "浙富控股", "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": "20080806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.87, "pe_ttm": 13.3266, "pb": 1.9431, "dv_ttm": 1.2191, "total_mv": 2541785.1718, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.8, 22.9, 17.4, 13.0, 12.0, 12.2], "rev_series": [83.4, 141.4, 167.8, 189.5, 209.1, 232.1], "np_series": [13.6, 23.1, 14.7, 10.3, 9.7, 11.2], "roe_series": [24.6, 26.6, 14.4, 9.5, 8.7, 9.6], "period": "20260630", "rev_ttm": 260.1, "np_ttm": 19.1, "ocf_ttm": 14.7, "fcf_ttm": 8.8, "fcf_yield": 3.5, "ocf_yield": 5.8, "gm_median": 13.0, "gm_std": 4.2, "gm_stab": 0.68, "gm_chg_2022": -10.4, "npm_median": 5.4, "roe_median": 9.6, "commodity": false, "hard_ratio": 18.3, "fix_assets": 54.9, "goodwill_ratio": 3.8, "pb_calc": 1.94, "capex_dep": 1.14, "interest_debt": 40.5, "debt_ebitda": 1.3, "debt_ratio": 55.6, "debt_mv": 15.9, "payout": 26.3, "div_years": 5, "rev_cagr3": 11.4, "np_cagr3": -8.7, "rev_yoy": 26.3, "np_yoy": 139.5, "np_vol": 38.3, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.5, "consensus_n": 6, "fwd_pe": 11.5, "fwd_pe2": 10.6, "fwd_g1": 16.0, "fwd_g2": 9.0, "peg": 1.28, "consensus_disp": null, "mainbz": [["产品", 50.0], ["危险废物处置及资源化产品", 47.0], ["清洁能源设备", 2.0], ["其他主营业务", 0.0]], "ret_prev_year": 36.2, "ret_prev2_year": -7.1, "ret_ytd": 18.8, "ret_pivot": 85.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": 4.3, "ret_120": 1.7, "ret_250": 34.9, "mdd_250": -23.1, "vol_250": 45.9, "pos_52w": 84.7}, "S": {"duration": 28, "pricing": 34, "hard": 29, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.3 倍、股息率 1.2%、毛利率近 5 年中位 13.0%、固定资产占比 18%、有息负债/EBITDA 1.3 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 18%,毛利率近 5 年中位 13.0%。", "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 3.5%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.0%,稳定度 68%,2020→2022 成本通胀期毛利率变化 -10.4 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 18%,资本开支/折旧 1.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.3 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 35%,最大回撤 -23%,年化波动 46%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 -4% / 4% / 2%。", "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%。", "浙富控股:PE 比行业中位低 12.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 14.6个百分点;固定资产占比 比行业中位高 4.4个百分点。"]}}