{"F": {"ts_code": "300815.SZ", "name": "玉禾田", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "固废治理", "ind": "环境治理", "fin_source": "tushare", "market": "创业板", "list_date": "20200123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.16, "pe_ttm": 11.0982, "pb": 1.2838, "dv_ttm": 2.2823, "total_mv": 604265.472, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.7, 22.7, 22.4, 22.7, 23.8, 22.5], "rev_series": [43.2, 48.3, 53.9, 61.6, 72.0, 77.2], "np_series": [6.3, 4.7, 4.9, 5.2, 5.8, 5.6], "roe_series": [35.5, 17.4, 16.0, 15.0, 14.8, 12.9], "period": "20260630", "rev_ttm": 78.6, "np_ttm": 5.4, "ocf_ttm": 4.0, "fcf_ttm": -1.7, "fcf_yield": -2.8, "ocf_yield": 6.6, "gm_median": 22.7, "gm_std": 0.5, "gm_stab": 0.98, "gm_chg_2022": -7.3, "npm_median": 9.5, "roe_median": 15.0, "commodity": false, "hard_ratio": 14.2, "fix_assets": 15.3, "goodwill_ratio": 2.2, "pb_calc": 1.28, "capex_dep": 1.91, "interest_debt": 30.4, "debt_ebitda": 2.2, "debt_ratio": 50.7, "debt_mv": 50.3, "payout": 24.7, "div_years": 5, "rev_cagr3": 12.7, "np_cagr3": 4.1, "rev_yoy": 3.7, "np_yoy": -4.2, "np_vol": 12.5, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.0, "consensus_n": 4, "fwd_pe": 10.1, "fwd_pe2": 9.2, "fwd_g1": 10.0, "fwd_g2": 9.0, "peg": 1.12, "consensus_disp": null, "mainbz": [["产品", 35.0], ["城市运营管理平台", 30.0], ["城市运营", 30.0], ["物业管理", 5.0]], "ret_prev_year": 50.9, "ret_prev2_year": 8.7, "ret_ytd": -32.4, "ret_pivot": 46.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.2, "ret_60": -16.6, "ret_120": -32.8, "ret_250": -44.5, "mdd_250": -51.9, "vol_250": 41.7, "pos_52w": 49.9}, "S": {"duration": 24, "pricing": 49, "hard": 23, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 11.1 倍、股息率 2.3%、毛利率近 5 年中位 22.7%、固定资产占比 14%、有息负债/EBITDA 2.2 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 14%,毛利率近 5 年中位 22.7%。", "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 -2.8%(经营现金流/市值 6.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.7%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -7.3 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 14%,资本开支/折旧 1.91 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.1 倍 粗算,约 55%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -44%,最大回撤 -52%,年化波动 42%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -7% / -17% / -33%。", "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%。", "玉禾田:PE 比行业中位低 15.0倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}