{"F": {"ts_code": "300692.SZ", "name": "中赋科技", "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": "20170821", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.81, "pe_ttm": 67.9474, "pb": 1.5453, "dv_ttm": 0.2585, "total_mv": 495365.3322, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.6, 35.7, 33.2, 44.1, 37.6, 41.2], "rev_series": [9.5, 11.7, 14.1, 8.1, 9.6, 9.5], "np_series": [1.6, 2.0, 2.1, 1.1, 0.6, 0.7], "roe_series": [11.5, 10.6, 9.8, 4.8, 2.6, 2.8], "period": "20260630", "rev_ttm": 9.3, "np_ttm": 0.7, "ocf_ttm": 2.6, "fcf_ttm": 1.8, "fcf_yield": 3.7, "ocf_yield": 5.2, "gm_median": 37.6, "gm_std": 3.9, "gm_stab": 0.9, "gm_chg_2022": 0.6, "npm_median": 14.4, "roe_median": 4.8, "commodity": false, "hard_ratio": 5.3, "fix_assets": 3.6, "goodwill_ratio": 0.4, "pb_calc": 1.55, "capex_dep": 2.08, "interest_debt": 22.1, "debt_ebitda": 5.7, "debt_ratio": 49.7, "debt_mv": 44.5, "payout": 15.7, "div_years": 5, "rev_cagr3": -12.1, "np_cagr3": -31.0, "rev_yoy": -6.1, "np_yoy": 10.4, "np_vol": 28.9, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["投资运营服务", 47.0], ["工程承包服务", 3.0], ["其他业务", 0.0]], "ret_prev_year": 49.4, "ret_prev2_year": -8.2, "ret_ytd": 5.2, "ret_pivot": 112.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": 12.6, "ret_120": 9.5, "ret_250": 31.9, "mdd_250": -30.5, "vol_250": 54.5, "pos_52w": 83.1}, "S": {"duration": 82, "pricing": 58, "hard": 8, "bondness": 42}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 67.9 倍、股息率 0.3%、毛利率近 5 年中位 37.6%、固定资产占比 5%、有息负债/EBITDA 5.7 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 37.6%),硬资产占比 5%。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 3.7%(经营现金流/市值 5.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.6%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 5%,资本开支/折旧 2.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 67.9 倍 粗算,约 93%(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 32%,最大回撤 -30%,年化波动 54%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 -5% / 13% / 10%。", "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%。", "中赋科技:PE 比行业中位高 41.8倍;股息率 比行业中位低 1.3个百分点;毛利率 比行业中位高 10.0个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}