{"F": {"ts_code": "600323.SH", "name": "瀚蓝环境", "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": "主板", "list_date": "20001225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 29.99, "pe_ttm": 11.0522, "pb": 1.6103, "dv_ttm": 3.5012, "total_mv": 2445225.9529, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.6, 23.0, 20.4, 25.2, 28.9, 33.2], "rev_series": [74.8, 117.8, 128.8, 125.4, 118.9, 139.4], "np_series": [10.6, 11.6, 11.5, 14.3, 16.6, 19.7], "roe_series": [15.0, 13.3, 11.0, 12.4, 13.0, 14.1], "period": "20260630", "rev_ttm": 159.1, "np_ttm": 22.1, "ocf_ttm": 44.3, "fcf_ttm": 28.8, "fcf_yield": 11.8, "ocf_yield": 18.1, "gm_median": 25.2, "gm_std": 4.5, "gm_stab": 0.82, "gm_chg_2022": -9.1, "npm_median": 11.7, "roe_median": 13.0, "commodity": false, "hard_ratio": 10.3, "fix_assets": 65.2, "goodwill_ratio": 2.2, "pb_calc": 1.61, "capex_dep": 2.55, "interest_debt": 345.9, "debt_ebitda": 5.6, "debt_ratio": 69.4, "debt_mv": 141.5, "payout": 39.2, "div_years": 5, "rev_cagr3": 2.7, "np_cagr3": 19.8, "rev_yoy": 34.2, "np_yoy": 24.8, "np_vol": 9.0, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.0, "consensus_n": 12, "fwd_pe": 10.7, "fwd_pe2": 9.6, "fwd_g1": 3.0, "fwd_g2": 11.0, "peg": 0.97, "consensus_disp": null, "mainbz": [["产品", 39.0], ["固废处理业务", 19.0], ["固废业务", 19.0], ["能源供应业务", 9.0]], "ret_prev_year": 27.7, "ret_prev2_year": 45.1, "ret_ytd": 7.9, "ret_pivot": 77.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": 2.1, "ret_120": 0.0, "ret_250": 18.5, "mdd_250": -16.2, "vol_250": 27.6, "pos_52w": 94.7}, "S": {"duration": 24, "pricing": 45, "hard": 16, "bondness": 67}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 11.1 倍、股息率 3.5%、毛利率近 5 年中位 25.2%、固定资产占比 10%、有息负债/EBITDA 5.6 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 10%,毛利率近 5 年中位 25.2%。", "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 11.8%(经营现金流/市值 18.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.2%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -9.1 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 10%,资本开支/折旧 2.55 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 18%,最大回撤 -16%,年化波动 28%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 2% / 2% / 0%。", "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%。", "瀚蓝环境:PE 比行业中位低 15.0倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位低 2.4个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}