{"F": {"ts_code": "300631.SZ", "name": "久吾高科", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环保设备Ⅱ", "sw3": "环保设备Ⅲ", "ind": "环保设备Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20170323", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 21.36, "pe_ttm": 36.9019, "pb": 1.9579, "dv_ttm": 1.1704, "total_mv": 267067.0704, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.5, 37.0, 22.5, 30.5, 41.0, 42.3], "rev_series": [5.3, 5.4, 7.4, 7.6, 5.3, 6.3], "np_series": [0.8, 0.7, 0.4, 0.5, 0.5, 0.7], "roe_series": [11.0, 7.4, 3.8, 3.7, 4.3, 5.7], "period": "20260630", "rev_ttm": 6.6, "np_ttm": 0.7, "ocf_ttm": 2.3, "fcf_ttm": 2.1, "fcf_yield": 8.0, "ocf_yield": 8.5, "gm_median": 37.0, "gm_std": 7.3, "gm_stab": 0.8, "gm_chg_2022": -20.0, "npm_median": 9.9, "roe_median": 4.3, "commodity": false, "hard_ratio": 15.9, "fix_assets": 3.2, "goodwill_ratio": 0.0, "pb_calc": 1.96, "capex_dep": 0.37, "interest_debt": 0.7, "debt_ebitda": 0.6, "debt_ratio": 32.6, "debt_mv": 2.6, "payout": 41.7, "div_years": 5, "rev_cagr3": -5.1, "np_cagr3": 19.4, "rev_yoy": 10.5, "np_yoy": -3.4, "np_vol": 26.5, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.7, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["膜集成技术整体解决方案及其成套设备", 22.0], ["膜集成技术整体解决方案", 22.0], ["膜材料及配件", 11.0]], "ret_prev_year": 38.6, "ret_prev2_year": -27.6, "ret_ytd": -25.4, "ret_pivot": 31.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": -11.5, "ret_120": -24.1, "ret_250": -41.3, "mdd_250": -50.5, "vol_250": 44.9, "pos_52w": 57.8}, "S": {"duration": 60, "pricing": 50, "hard": 25, "bondness": 43}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.9 倍、股息率 1.2%、毛利率近 5 年中位 37.0%、固定资产占比 16%、有息负债/EBITDA 0.6 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 16%,毛利率近 5 年中位 37.0%。", "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 8.0%(经营现金流/市值 8.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.0%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -20.0 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 16%,资本开支/折旧 0.37 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.9 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 -41%,最大回撤 -50%,年化波动 45%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -3% / -12% / -24%。", "行业对照": ["同申万二级「环保设备Ⅱ」27 家中位:PE 34.2 / 股息率 1.0% / 毛利率 27.4% / 固定资产占比 17% / 分红率 41%。", "久吾高科:PE 比行业中位高 2.7倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 9.6个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}