{"F": {"ts_code": "300800.SZ", "name": "力合科技", "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": "20191106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.26, "pe_ttm": 50.1019, "pb": 1.1882, "dv_ttm": 0.9515, "total_mv": 242914.734, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.0, 43.9, 36.2, 35.9, 34.1, 35.8], "rev_series": [7.7, 9.1, 5.2, 6.7, 7.7, 8.4], "np_series": [2.6, 2.5, 0.6, 0.5, 0.4, 0.4], "roe_series": [14.7, 13.1, 2.9, 2.3, 1.9, 2.1], "period": "20260630", "rev_ttm": 8.9, "np_ttm": 0.5, "ocf_ttm": 0.0, "fcf_ttm": -0.9, "fcf_yield": -3.9, "ocf_yield": 0.1, "gm_median": 35.9, "gm_std": 3.5, "gm_stab": 0.9, "gm_chg_2022": -12.8, "npm_median": 7.0, "roe_median": 2.3, "commodity": false, "hard_ratio": 9.8, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 1.19, "capex_dep": 1.57, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 20.0, "debt_mv": 0.3, "payout": 91.0, "div_years": 5, "rev_cagr3": 17.5, "np_cagr3": -9.9, "rev_yoy": 14.0, "np_yoy": 39.2, "np_vol": 29.3, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["水质监测系统", 68.0], ["空气/烟气监测系统", 21.0], ["其他主营业务", 4.0], ["其他", 4.0]], "ret_prev_year": 13.4, "ret_prev2_year": -23.1, "ret_ytd": -11.0, "ret_pivot": 20.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.2, "ret_60": 1.2, "ret_120": -19.0, "ret_250": -17.0, "mdd_250": -34.4, "vol_250": 31.2, "pos_52w": 78.3}, "S": {"duration": 71, "pricing": 53, "hard": 16, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 50.1 倍、股息率 1.0%、毛利率近 5 年中位 35.9%、固定资产占比 10%、有息负债/EBITDA 0.1 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 35.9%),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 -3.9%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.9%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -12.8 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 1.57 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.1 倍 粗算,约 90%(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 -17%,最大回撤 -34%,年化波动 31%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 6% / 1% / -19%。", "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%。", "力合科技:PE 比行业中位高 15.9倍;股息率 与行业中位持平;毛利率 比行业中位高 8.5个百分点;固定资产占比 比行业中位低 7.6个百分点。"]}}