{"F": {"ts_code": "300388.SZ", "name": "节能国祯", "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": "20140801", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.97, "pe_ttm": 12.5759, "pb": 0.9696, "dv_ttm": 1.3773, "total_mv": 474686.4134, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.4, 24.9, 24.9, 27.0, 29.0, 29.6], "rev_series": [38.7, 44.8, 41.0, 41.3, 38.4, 36.7], "np_series": [3.3, 3.7, 4.0, 3.9, 3.7, 3.6], "roe_series": [9.0, 9.8, 10.7, 9.7, 8.5, 7.8], "period": "20260630", "rev_ttm": 37.7, "np_ttm": 3.8, "ocf_ttm": 6.7, "fcf_ttm": 0.9, "fcf_yield": 2.0, "ocf_yield": 14.1, "gm_median": 27.0, "gm_std": 2.0, "gm_stab": 0.93, "gm_chg_2022": -4.5, "npm_median": 10.3, "roe_median": 9.7, "commodity": false, "hard_ratio": 2.4, "fix_assets": 4.2, "goodwill_ratio": 0.9, "pb_calc": 0.97, "capex_dep": 19.46, "interest_debt": 92.0, "debt_ebitda": 7.3, "debt_ratio": 70.1, "debt_mv": 193.8, "payout": 22.6, "div_years": 5, "rev_cagr3": -3.6, "np_cagr3": -4.2, "rev_yoy": 5.7, "np_yoy": 11.8, "np_vol": 7.3, "loss_years": 0, "far_share": 60.0, "earn_yield": 8.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["水务运营服务", 33.0], ["环境工程建造服务", 10.0], ["环境工程及服务", 10.0]], "ret_prev_year": 8.5, "ret_prev2_year": 20.6, "ret_ytd": -12.3, "ret_pivot": 31.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.3, "ret_60": -0.0, "ret_120": -21.2, "ret_250": -8.3, "mdd_250": -40.4, "vol_250": 36.7, "pos_52w": 67.4}, "S": {"duration": 27, "pricing": 50, "hard": 4, "bondness": 51}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 12.6 倍、股息率 1.4%、毛利率近 5 年中位 27.0%、固定资产占比 2%、有息负债/EBITDA 7.3 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 2%,毛利率近 5 年中位 27.0%。", "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 2.0%(经营现金流/市值 14.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.5 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 2%,资本开支/折旧 19.46 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.6 倍 粗算,约 60%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -40%,年化波动 37%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 4% / -0% / -21%。", "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%。", "节能国祯:PE 比行业中位低 13.5倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 0.6个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}