{"F": {"ts_code": "601199.SH", "name": "江南水务", "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": "20110317", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.85, "pe_ttm": 15.4785, "pb": 1.167, "dv_ttm": 2.0513, "total_mv": 547098.0255, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.5, 50.5, 43.1, 40.4, 35.5, 38.7], "rev_series": [9.5, 11.1, 12.7, 13.6, 15.3, 14.6], "np_series": [2.4, 2.8, 2.8, 3.2, 4.0, 3.7], "roe_series": [8.2, 8.7, 8.3, 9.0, 9.9, 8.2], "period": "20260630", "rev_ttm": 14.9, "np_ttm": 3.5, "ocf_ttm": 3.0, "fcf_ttm": 1.5, "fcf_yield": 2.7, "ocf_yield": 5.5, "gm_median": 40.4, "gm_std": 5.1, "gm_stab": 0.87, "gm_chg_2022": -9.4, "npm_median": 24.8, "roe_median": 8.7, "commodity": false, "hard_ratio": 21.9, "fix_assets": 16.1, "goodwill_ratio": 0.0, "pb_calc": 1.17, "capex_dep": 0.9, "interest_debt": 8.9, "debt_ebitda": 1.7, "debt_ratio": 36.0, "debt_mv": 16.2, "payout": 30.0, "div_years": 5, "rev_cagr3": 4.8, "np_cagr3": 9.6, "rev_yoy": 5.5, "np_yoy": -9.8, "np_vol": 11.3, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 39.0], ["自来水", 18.0], ["工程安装服务", 14.0], ["工程安装", 14.0]], "ret_prev_year": 3.4, "ret_prev2_year": 15.1, "ret_ytd": 6.8, "ret_pivot": 17.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.2, "ret_60": 6.6, "ret_120": -1.5, "ret_250": -4.4, "mdd_250": -17.0, "vol_250": 32.5, "pos_52w": 90.0}, "S": {"duration": 32, "pricing": 54, "hard": 35, "bondness": 43}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.5 倍、股息率 2.1%、毛利率近 5 年中位 40.4%、固定资产占比 22%、有息负债/EBITDA 1.7 倍: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 40.4%),硬资产占比 22%。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 2.7%(经营现金流/市值 5.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.4%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -9.4 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 22%,资本开支/折旧 0.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.5 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -4%,最大回撤 -17%,年化波动 32%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 6% / 7% / -2%。", "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%。", "江南水务:PE 比行业中位低 10.6倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 12.8个百分点;固定资产占比 比行业中位高 8.0个百分点。"]}}