{"F": {"ts_code": "600526.SH", "name": "菲达环保", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环保设备Ⅱ", "sw3": "环保设备Ⅲ", "ind": "环保设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20020722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.65, "pe_ttm": 12.9934, "pb": 0.8837, "dv_ttm": 1.0755, "total_mv": 413140.317, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.2, 13.5, 20.1, 19.6, 23.4, 22.3], "rev_series": [31.1, 33.8, 42.8, 43.5, 42.9, 49.0], "np_series": [0.5, 0.5, 1.5, 2.3, 2.4, 3.0], "roe_series": [2.6, 2.6, 5.2, 5.8, 5.7, 6.7], "period": "20260630", "rev_ttm": 48.5, "np_ttm": 3.2, "ocf_ttm": 6.1, "fcf_ttm": 3.2, "fcf_yield": 7.8, "ocf_yield": 14.8, "gm_median": 20.1, "gm_std": 3.4, "gm_stab": 0.83, "gm_chg_2022": 2.9, "npm_median": 5.7, "roe_median": 5.7, "commodity": false, "hard_ratio": 3.4, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 0.88, "capex_dep": 7.7, "interest_debt": 21.6, "debt_ebitda": 2.6, "debt_ratio": 58.5, "debt_mv": 52.4, "payout": 25.9, "div_years": 2, "rev_cagr3": 4.6, "np_cagr3": 25.1, "rev_yoy": -2.8, "np_yoy": 15.3, "np_vol": 16.6, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["除尘器及配套设备", 26.0], ["除尘器及其配套设备", 26.0], ["环保运营", 22.0], ["安装服务", 6.0]], "ret_prev_year": 22.4, "ret_prev2_year": -9.4, "ret_ytd": -12.4, "ret_pivot": 30.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.2, "ret_60": 5.2, "ret_120": -19.7, "ret_250": -7.4, "mdd_250": -32.5, "vol_250": 28.3, "pos_52w": 76.4}, "S": {"duration": 28, "pricing": 49, "hard": 5, "bondness": 39}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 13.0 倍、股息率 1.1%、毛利率近 5 年中位 20.1%、固定资产占比 3%、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 3%,毛利率近 5 年中位 20.1%。", "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 7.8%(经营现金流/市值 14.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.1%,稳定度 83%,2020→2022 成本通胀期毛利率变化 2.9 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 3%,资本开支/折旧 7.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.0 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -7%,最大回撤 -32%,年化波动 28%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 6% / 5% / -20%。", "行业对照": ["同申万二级「环保设备Ⅱ」27 家中位:PE 34.2 / 股息率 1.0% / 毛利率 27.4% / 固定资产占比 17% / 分红率 41%。", "菲达环保:PE 比行业中位低 21.2倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 7.3个百分点;固定资产占比 比行业中位低 14.0个百分点。"]}}