{"F": {"ts_code": "600769.SH", "name": "祥龙电业", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "水务及水治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "19961101", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.89, "pe_ttm": 399.2494, "pb": 42.5361, "dv_ttm": null, "total_mv": 558341.0508, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.1, 30.4, 33.0, 35.1, 27.8, 28.4], "rev_series": [0.3, 0.5, 0.5, 0.7, 0.8, 0.8], "np_series": [0.1, 0.1, 0.1, 0.1, 0.1, 0.2], "roe_series": [9.1, 10.8, 14.7, 14.5, 13.3, 16.9], "period": "20260630", "rev_ttm": 0.8, "np_ttm": 0.1, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 0.7, "ocf_yield": 0.9, "gm_median": 30.4, "gm_std": 2.8, "gm_stab": 0.91, "gm_chg_2022": 0.9, "npm_median": 18.3, "roe_median": 14.5, "commodity": false, "hard_ratio": 20.5, "fix_assets": 0.9, "goodwill_ratio": 0.1, "pb_calc": 42.54, "capex_dep": 2.66, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 69.9, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": 16.8, "np_cagr3": 21.3, "rev_yoy": 1.3, "np_yoy": -35.2, "np_vol": 18.9, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["供水", 61.0], ["建筑施工", 39.0], ["代收污水处理费手续费", 0.0]], "ret_prev_year": 25.3, "ret_prev2_year": -8.7, "ret_ytd": 23.7, "ret_pivot": 119.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": -9.1, "ret_120": 4.3, "ret_250": 29.7, "mdd_250": -51.3, "vol_250": 63.4, "pos_52w": 58.0}, "S": {"duration": 100, "pricing": 55, "hard": 33, "bondness": 6}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 399.2 倍、股息率 —、毛利率近 5 年中位 30.4%、固定资产占比 20%、资产负债率 70%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 30.4%),硬资产占比 20%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.7%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.4%,稳定度 91%,2020→2022 成本通胀期毛利率变化 0.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 2.66 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 399.2 倍 粗算,约 99%(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 30%,最大回撤 -51%,年化波动 63%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -1% / -9% / 4%。", "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%。", "祥龙电业:PE 比行业中位高 373.1倍;股息率 ;毛利率 比行业中位高 2.8个百分点;固定资产占比 比行业中位高 6.6个百分点。"]}}