{"F": {"ts_code": "002479.SZ", "name": "富春环保", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "热力服务", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20100921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.05, "pe_ttm": 15.4955, "pb": 1.1867, "dv_ttm": 1.6529, "total_mv": 523325.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.4, 18.5, 16.5, 17.8, 16.2, 18.0], "rev_series": [46.6, 45.7, 47.9, 44.4, 52.5, 53.5], "np_series": [3.0, 3.3, 2.6, 2.0, 2.4, 2.0], "roe_series": [7.8, 8.6, 6.5, 4.9, 6.0, 4.9], "period": "20260630", "rev_ttm": 60.8, "np_ttm": 3.4, "ocf_ttm": 5.6, "fcf_ttm": 3.6, "fcf_yield": 6.9, "ocf_yield": 10.8, "gm_median": 17.8, "gm_std": 0.9, "gm_stab": 0.95, "gm_chg_2022": 0.1, "npm_median": 6.8, "roe_median": 6.0, "commodity": false, "hard_ratio": 49.0, "fix_assets": 43.7, "goodwill_ratio": 5.8, "pb_calc": 1.19, "capex_dep": 0.55, "interest_debt": 27.2, "debt_ebitda": 2.5, "debt_ratio": 47.8, "debt_mv": 52.1, "payout": 53.6, "div_years": 5, "rev_cagr3": 3.8, "np_cagr3": -7.7, "rev_yoy": 29.3, "np_yoy": 72.1, "np_vol": 18.9, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["有色金属资源综合利用", 53.0], ["清洁热能", 31.0], ["清洁电能", 7.0], ["木浆及纸制品", 5.0]], "ret_prev_year": 6.9, "ret_prev2_year": 2.7, "ret_ytd": 26.0, "ret_pivot": 69.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.7, "ret_60": 28.2, "ret_120": 10.6, "ret_250": 13.1, "mdd_250": -28.9, "vol_250": 33.9, "pos_52w": 98.4}, "S": {"duration": 32, "pricing": 50, "hard": 78, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.5 倍、股息率 1.7%、毛利率近 5 年中位 17.8%、固定资产占比 49%、有息负债/EBITDA 2.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 49%),没有定价权:毛利率近 5 年中位 17.8%,稳定度 95%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 6.9%(经营现金流/市值 10.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.8%,稳定度 95%,2020→2022 成本通胀期毛利率变化 0.1 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 49%,资本开支/折旧 0.55 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.5 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 13%,最大回撤 -29%,年化波动 34%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 8% / 28% / 11%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "富春环保:PE 比行业中位低 12.3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 4.7个百分点;固定资产占比 比行业中位低 11.7个百分点。"]}}