{"F": {"ts_code": "300172.SZ", "name": "中电环保", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "水务及水治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20110201", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.69, "pe_ttm": 34.5444, "pb": 1.6464, "dv_ttm": 2.1322, "total_mv": 317376.99, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.3, 28.1, 24.3, 24.5, 26.9, 28.0], "rev_series": [9.2, 8.7, 10.2, 10.1, 8.4, 7.2], "np_series": [1.8, 1.1, 0.8, 0.9, 0.7, 0.8], "roe_series": [11.4, 6.3, 4.3, 4.8, 4.0, 4.3], "period": "20260630", "rev_ttm": 8.0, "np_ttm": 0.9, "ocf_ttm": 2.4, "fcf_ttm": 2.2, "fcf_yield": 7.0, "ocf_yield": 7.4, "gm_median": 26.9, "gm_std": 1.7, "gm_stab": 0.94, "gm_chg_2022": -9.0, "npm_median": 9.1, "roe_median": 4.3, "commodity": false, "hard_ratio": 4.4, "fix_assets": 1.3, "goodwill_ratio": 0.0, "pb_calc": 1.65, "capex_dep": 2.0, "interest_debt": 0.7, "debt_ebitda": 0.4, "debt_ratio": 31.1, "debt_mv": 2.3, "payout": 45.5, "div_years": 5, "rev_cagr3": -11.2, "np_cagr3": 2.3, "rev_yoy": 27.5, "np_yoy": 18.9, "np_vol": 20.7, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["工业水处理", 58.0], ["城镇水环境治理", 11.0], ["污泥耦合处理", 11.0], ["烟气治理", 9.0]], "ret_prev_year": 9.2, "ret_prev2_year": -5.6, "ret_ytd": -12.3, "ret_pivot": 10.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.9, "ret_60": 4.9, "ret_120": -22.4, "ret_250": -16.5, "mdd_250": -34.7, "vol_250": 29.4, "pos_52w": 74.6}, "S": {"duration": 58, "pricing": 50, "hard": 7, "bondness": 50}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 34.5 倍、股息率 2.1%、毛利率近 5 年中位 26.9%、固定资产占比 4%、有息负债/EBITDA 0.4 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 4%,毛利率近 5 年中位 26.9%。", "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 7.0%(经营现金流/市值 7.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.9%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -9.0 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 4%,资本开支/折旧 2.00 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.5 倍 粗算,约 86%(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 -16%,最大回撤 -35%,年化波动 29%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 6% / 5% / -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%。", "中电环保:PE 比行业中位高 8.4倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 0.7个百分点;固定资产占比 比行业中位低 9.5个百分点。"]}}