{"F": {"ts_code": "300187.SZ", "name": "永清环保", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20110308", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.74, "pe_ttm": 23.9276, "pb": 2.5896, "dv_ttm": 2.2574, "total_mv": 306024.8754, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.0, 26.9, 22.7, 24.0, 24.1, 26.2], "rev_series": [7.5, 10.0, 7.1, 6.5, 7.6, 8.1], "np_series": [0.3, 0.7, -3.9, 0.8, 1.0, 1.1], "roe_series": [2.2, 4.7, -30.7, 8.0, 9.3, 10.2], "period": "20260630", "rev_ttm": 8.1, "np_ttm": 1.3, "ocf_ttm": 0.9, "fcf_ttm": 0.3, "fcf_yield": 1.0, "ocf_yield": 3.1, "gm_median": 24.1, "gm_std": 1.5, "gm_stab": 0.94, "gm_chg_2022": -5.3, "npm_median": 12.5, "roe_median": 8.0, "commodity": false, "hard_ratio": 20.8, "fix_assets": 7.3, "goodwill_ratio": 2.6, "pb_calc": 2.59, "capex_dep": 1.14, "interest_debt": 13.1, "debt_ebitda": 5.9, "debt_ratio": 66.1, "debt_mv": 43.0, "payout": 61.5, "div_years": 4, "rev_cagr3": 4.3, "np_cagr3": null, "rev_yoy": 1.6, "np_yoy": 21.6, "np_vol": 281.9, "loss_years": 1, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["环境运营服务", 37.0], ["环境运营业务", 37.0], ["环境工程服务", 24.0], ["环境咨询服务", 1.0]], "ret_prev_year": -0.3, "ret_prev2_year": -5.3, "ret_ytd": -2.1, "ret_pivot": 20.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.3, "ret_60": -4.8, "ret_120": -14.7, "ret_250": -10.8, "mdd_250": -29.5, "vol_250": 41.4, "pos_52w": 77.6}, "S": {"duration": 45, "pricing": 49, "hard": 33, "bondness": 66}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.9 倍、股息率 2.3%、毛利率近 5 年中位 24.1%、固定资产占比 21%、有息负债/EBITDA 5.9 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 21%,毛利率近 5 年中位 24.1%。", "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 1.0%(经营现金流/市值 3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -5.3 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 21%,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 23.9 倍 粗算,约 79%(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 -11%,最大回撤 -30%,年化波动 41%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 1% / -5% / -15%。", "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%。", "永清环保:PE 比行业中位低 2.2倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 3.5个百分点;固定资产占比 比行业中位高 6.9个百分点。"]}}