{"F": {"ts_code": "301068.SZ", "name": "大地海洋", "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": "20210928", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 27.45, "pe_ttm": 100.5925, "pb": 4.7054, "dv_ttm": null, "total_mv": 387911.5965, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.5, 27.6, 21.9, 17.9, 16.4, 10.4], "rev_series": [4.8, 5.3, 8.0, 9.4, 9.5, 13.7], "np_series": [0.8, 0.5, 0.6, 0.6, 0.9, -0.3], "roe_series": [19.3, 8.7, 7.2, 6.9, 10.1, -3.8], "period": "20260630", "rev_ttm": 15.8, "np_ttm": 0.6, "ocf_ttm": 1.9, "fcf_ttm": 1.7, "fcf_yield": 4.3, "ocf_yield": 4.9, "gm_median": 17.9, "gm_std": 5.7, "gm_stab": 0.68, "gm_chg_2022": -10.6, "npm_median": 6.9, "roe_median": 7.2, "commodity": false, "hard_ratio": 25.7, "fix_assets": 4.3, "goodwill_ratio": 3.4, "pb_calc": 4.71, "capex_dep": 0.44, "interest_debt": 5.6, "debt_ebitda": 2.6, "debt_ratio": 49.4, "debt_mv": 14.4, "payout": 37.9, "div_years": 4, "rev_cagr3": 19.8, "np_cagr3": null, "rev_yoy": -7.4, "np_yoy": 179.9, "np_vol": 59.4, "loss_years": 1, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 2, "fwd_pe": 25.7, "fwd_pe2": 18.9, "fwd_g1": 292.0, "fwd_g2": 36.0, "peg": 0.71, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电子废物", 26.0], ["家庭废弃物回收及资源化利用", 14.0], ["危险废物", 8.0]], "ret_prev_year": 13.3, "ret_prev2_year": 31.9, "ret_ytd": 4.3, "ret_pivot": 94.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": 9.0, "ret_120": -20.0, "ret_250": -16.8, "mdd_250": -40.2, "vol_250": 52.6, "pos_52w": 70.9}, "S": {"duration": 92, "pricing": 36, "hard": 41, "bondness": 21}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 100.6 倍、股息率 —、毛利率近 5 年中位 17.9%、固定资产占比 26%、有息负债/EBITDA 2.6 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 26%,毛利率近 5 年中位 17.9%。", "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 4.3%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.9%,稳定度 68%,2020→2022 成本通胀期毛利率变化 -10.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 0.44 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 100.6 倍 粗算,约 95%(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 -40%,年化波动 53%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -5% / 9% / -20%。", "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%。", "大地海洋:PE 比行业中位高 74.5倍;股息率 ;毛利率 比行业中位低 9.7个百分点;固定资产占比 比行业中位高 11.8个百分点。"]}}