{"F": {"ts_code": "301500.SZ", "name": "飞南资源", "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": "20230921", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 24.92, "pe_ttm": 18.0027, "pb": 2.5862, "dv_ttm": 0.221, "total_mv": 1398218.3376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.8, 12.8, 6.6, 5.5, 6.2, 6.7], "rev_series": [48.3, 79.0, 87.7, 86.7, 125.7, 148.4], "np_series": [5.9, 7.2, 2.1, 1.8, 1.3, 2.9], "roe_series": [27.3, 25.2, 6.5, 4.7, 2.9, 6.2], "period": "20260630", "rev_ttm": 182.8, "np_ttm": 7.8, "ocf_ttm": -6.5, "fcf_ttm": -14.1, "fcf_yield": -10.1, "ocf_yield": -4.7, "gm_median": 6.6, "gm_std": 2.7, "gm_stab": 0.6, "gm_chg_2022": -11.2, "npm_median": 2.0, "roe_median": 6.2, "commodity": false, "hard_ratio": 40.0, "fix_assets": 62.0, "goodwill_ratio": 0.0, "pb_calc": 2.59, "capex_dep": 1.47, "interest_debt": 78.4, "debt_ebitda": 4.3, "debt_ratio": 63.6, "debt_mv": 56.0, "payout": 25.6, "div_years": 2, "rev_cagr3": 19.2, "np_cagr3": 10.6, "rev_yoy": 52.5, "np_yoy": 307.3, "np_vol": 65.7, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["资源化产品", 99.0], ["其他业务", 0.0], ["危险废物处置", 0.0], ["危废处置收入", 0.0]], "ret_prev_year": 23.0, "ret_prev2_year": -17.1, "ret_ytd": 59.4, "ret_pivot": 116.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.5, "ret_60": 2.1, "ret_120": 6.5, "ret_250": 48.4, "mdd_250": -37.8, "vol_250": 66.6, "pos_52w": 78.9}, "S": {"duration": 36, "pricing": 28, "hard": 64, "bondness": 24}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.0 倍、股息率 0.2%、毛利率近 5 年中位 6.6%、固定资产占比 40%、有息负债/EBITDA 4.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 40%),没有定价权:毛利率近 5 年中位 6.6%,稳定度 60%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -10.1%(经营现金流/市值 -4.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 6.6%,稳定度 60%,2020→2022 成本通胀期毛利率变化 -11.2 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 40%,资本开支/折旧 1.47 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.0 倍 粗算,约 72%(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 48%,最大回撤 -38%,年化波动 67%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 2% / 2% / 6%。", "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%。", "飞南资源:PE 比行业中位低 8.1倍;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位低 21.0个百分点;固定资产占比 比行业中位高 26.1个百分点。"]}}