{"F": {"ts_code": "600133.SH", "name": "东湖高新", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "综合环境治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "19980212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.43, "pe_ttm": 42.6238, "pb": 1.0077, "dv_ttm": 1.9692, "total_mv": 898840.2357, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.7, 13.8, 12.6, 12.3, 31.2, 26.2], "rev_series": [105.9, 121.4, 139.9, 146.7, 33.7, 37.5], "np_series": [6.8, 5.3, 5.8, 10.8, 5.3, 2.8], "roe_series": [13.4, 9.0, 8.4, 13.2, 5.9, 3.1], "period": "20260630", "rev_ttm": 35.9, "np_ttm": 2.1, "ocf_ttm": 1.3, "fcf_ttm": -1.7, "fcf_yield": -1.9, "ocf_yield": 1.4, "gm_median": 13.8, "gm_std": 7.9, "gm_stab": 0.43, "gm_chg_2022": -1.1, "npm_median": 8.2, "roe_median": 8.4, "commodity": false, "hard_ratio": 2.1, "fix_assets": 4.0, "goodwill_ratio": 1.5, "pb_calc": 1.01, "capex_dep": 2.24, "interest_debt": 57.4, "debt_ebitda": 7.3, "debt_ratio": 49.3, "debt_mv": 63.8, "payout": 34.2, "div_years": 5, "rev_cagr3": -35.5, "np_cagr3": -21.8, "rev_yoy": -15.4, "np_yoy": -132.8, "np_vol": 50.6, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["服务合同", 46.0], ["商品及其他", 11.0], ["商品买卖合同", 11.0], ["建设工程合同", 10.0]], "ret_prev_year": -1.2, "ret_prev2_year": -12.3, "ret_ytd": -5.4, "ret_pivot": 6.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": 10.7, "ret_120": -10.9, "ret_250": -11.4, "mdd_250": -33.7, "vol_250": 39.5, "pos_52w": 77.2}, "S": {"duration": 66, "pricing": 29, "hard": 3, "bondness": 59}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 42.6 倍、股息率 2.0%、毛利率近 5 年中位 13.8%、固定资产占比 2%、有息负债/EBITDA 7.3 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 2%,毛利率近 5 年中位 13.8%。", "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 -1.9%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.8%,稳定度 43%,2020→2022 成本通胀期毛利率变化 -1.1 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 2%,资本开支/折旧 2.24 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.6 倍 粗算,约 88%(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 -11%,最大回撤 -34%,年化波动 40%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 -1% / 11% / -11%。", "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%。", "东湖高新:PE 比行业中位高 16.5倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 13.8个百分点;固定资产占比 比行业中位低 11.8个百分点。"]}}