{"F": {"ts_code": "600796.SH", "name": "钱江生化", "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": "19970408", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.19, "pe_ttm": 32.8268, "pb": 1.289, "dv_ttm": 0.5973, "total_mv": 449758.0302, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.9, 23.0, 22.0, 23.5, 23.0, 24.7], "rev_series": [4.3, 20.3, 20.1, 20.3, 17.7, 16.9], "np_series": [0.1, 1.5, 2.1, 2.1, 1.6, 1.7], "roe_series": [0.9, 8.5, 7.0, 6.8, 5.0, 5.0], "period": "20260630", "rev_ttm": 16.5, "np_ttm": 1.4, "ocf_ttm": 5.2, "fcf_ttm": 2.8, "fcf_yield": 6.3, "ocf_yield": 11.7, "gm_median": 23.0, "gm_std": 0.9, "gm_stab": 0.96, "gm_chg_2022": 12.1, "npm_median": 9.0, "roe_median": 6.8, "commodity": false, "hard_ratio": 13.2, "fix_assets": 9.9, "goodwill_ratio": 0.0, "pb_calc": 1.29, "capex_dep": 3.68, "interest_debt": 17.7, "debt_ebitda": 4.7, "debt_ratio": 49.9, "debt_mv": 39.3, "payout": 16.3, "div_years": 5, "rev_cagr3": -5.5, "np_cagr3": -6.9, "rev_yoy": -6.0, "np_yoy": -27.4, "np_vol": 28.0, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 38.0], ["污水处理", 12.0], ["工程施工", 8.0], ["工程安装", 8.0]], "ret_prev_year": 6.2, "ret_prev2_year": -1.4, "ret_ytd": -13.9, "ret_pivot": 28.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": 3.4, "ret_120": -26.1, "ret_250": -12.3, "mdd_250": -36.5, "vol_250": 31.3, "pos_52w": 71.5}, "S": {"duration": 56, "pricing": 56, "hard": 21, "bondness": 43}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 32.8 倍、股息率 0.6%、毛利率近 5 年中位 23.0%、固定资产占比 13%、有息负债/EBITDA 4.7 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 13%,毛利率近 5 年中位 23.0%。", "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 6.3%(经营现金流/市值 11.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 12.1 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 13%,资本开支/折旧 3.68 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.8 倍 粗算,约 85%(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 -12%,最大回撤 -36%,年化波动 31%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 3% / 3% / -26%。", "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%。", "钱江生化:PE 比行业中位高 6.7倍;股息率 比行业中位低 1.0个百分点;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位低 0.7个百分点。"]}}