{"F": {"ts_code": "300425.SZ", "name": "中建环能", "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": "20150216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.09, "pe_ttm": 229.701, "pb": 1.1778, "dv_ttm": 0.0978, "total_mv": 279029.9841, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.5, 36.6, 33.7, 36.4, 30.5, 24.4], "rev_series": [12.4, 14.6, 17.2, 16.7, 15.4, 15.9], "np_series": [1.7, 1.8, 1.9, 1.7, 0.9, 0.1], "roe_series": [9.5, 9.3, 9.2, 7.5, 3.8, 0.5], "period": "20260630", "rev_ttm": 16.2, "np_ttm": 0.1, "ocf_ttm": 2.5, "fcf_ttm": 1.7, "fcf_yield": 6.2, "ocf_yield": 9.0, "gm_median": 33.7, "gm_std": 4.5, "gm_stab": 0.87, "gm_chg_2022": -4.8, "npm_median": 10.7, "roe_median": 7.5, "commodity": false, "hard_ratio": 9.5, "fix_assets": 4.4, "goodwill_ratio": 3.2, "pb_calc": 1.18, "capex_dep": 1.52, "interest_debt": 8.2, "debt_ebitda": 4.1, "debt_ratio": 44.6, "debt_mv": 29.3, "payout": 20.0, "div_years": 5, "rev_cagr3": -2.6, "np_cagr3": -59.8, "rev_yoy": 5.5, "np_yoy": -3.6, "np_vol": 35.5, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["水处理", 32.0], ["离心机及工业过程", 8.0], ["固废处理处置及资源化", 6.0]], "ret_prev_year": -14.7, "ret_prev2_year": 26.1, "ret_ytd": -17.3, "ret_pivot": 3.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": -0.2, "ret_120": -23.8, "ret_250": -26.4, "mdd_250": -33.8, "vol_250": 25.0, "pos_52w": 72.8}, "S": {"duration": 100, "pricing": 51, "hard": 15, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 229.7 倍、股息率 0.1%、毛利率近 5 年中位 33.7%、固定资产占比 10%、有息负债/EBITDA 4.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.7%),硬资产占比 10%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 6.2%(经营现金流/市值 9.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.7%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -4.8 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 10%,资本开支/折旧 1.52 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 229.7 倍 粗算,约 98%(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 -26%,最大回撤 -34%,年化波动 25%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 4% / -0% / -24%。", "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%。", "中建环能:PE 比行业中位高 203.6倍;股息率 比行业中位低 1.5个百分点;毛利率 比行业中位高 6.1个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}