{"F": {"ts_code": "301305.SZ", "name": "朗坤科技", "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": "20230523", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 24.39, "pe_ttm": 19.015, "pb": 1.496, "dv_ttm": 1.6375, "total_mv": 590142.401, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.8, 26.6, 25.3, 26.2, 29.5, 33.2], "rev_series": [11.2, 16.2, 18.2, 17.5, 17.9, 18.0], "np_series": [1.5, 2.3, 2.4, 1.8, 2.2, 2.7], "roe_series": [15.0, 15.5, 14.1, 6.8, 6.2, 7.2], "period": "20260630", "rev_ttm": 19.8, "np_ttm": 3.1, "ocf_ttm": 5.1, "fcf_ttm": -0.2, "fcf_yield": -0.4, "ocf_yield": 8.6, "gm_median": 26.6, "gm_std": 2.9, "gm_stab": 0.89, "gm_chg_2022": 0.5, "npm_median": 14.0, "roe_median": 7.2, "commodity": false, "hard_ratio": 11.3, "fix_assets": 7.6, "goodwill_ratio": 0.0, "pb_calc": 1.5, "capex_dep": 8.14, "interest_debt": 20.3, "debt_ebitda": 3.3, "debt_ratio": 39.5, "debt_mv": 34.4, "payout": 36.5, "div_years": 2, "rev_cagr3": -0.4, "np_cagr3": 3.0, "rev_yoy": 21.8, "np_yoy": 30.7, "np_vol": 24.4, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.3, "consensus_n": 3, "fwd_pe": 15.8, "fwd_pe2": 12.7, "fwd_g1": 20.0, "fwd_g2": 24.0, "peg": 0.66, "consensus_disp": null, "mainbz": [["生物能源行业", 25.0], ["生物能源", 25.0], ["运营服务费", 18.0], ["运营服务", 18.0]], "ret_prev_year": 29.3, "ret_prev2_year": -1.9, "ret_ytd": 9.5, "ret_pivot": 66.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.4, "ret_60": -15.6, "ret_120": -11.5, "ret_250": 20.3, "mdd_250": -38.4, "vol_250": 47.9, "pos_52w": 74.6}, "S": {"duration": 38, "pricing": 52, "hard": 18, "bondness": 52}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 19.0 倍、股息率 1.6%、毛利率近 5 年中位 26.6%、固定资产占比 11%、有息负债/EBITDA 3.3 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 11%,毛利率近 5 年中位 26.6%。", "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 -0.4%(经营现金流/市值 8.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.6%,稳定度 89%,2020→2022 成本通胀期毛利率变化 0.5 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 11%,资本开支/折旧 8.14 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.0 倍 粗算,约 74%(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 20%,最大回撤 -38%,年化波动 48%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 7% / -16% / -12%。", "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%。", "朗坤科技:PE 比行业中位低 7.1倍;股息率 与行业中位持平;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}