{"F": {"ts_code": "601827.SH", "name": "三峰环境", "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": "20200605", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.04, "pe_ttm": 11.0818, "pb": 1.0964, "dv_ttm": 3.3085, "total_mv": 1344234.3732, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.2, 31.7, 31.2, 31.8, 33.2, 37.3], "rev_series": [49.3, 58.7, 60.2, 60.3, 59.9, 55.6], "np_series": [7.2, 12.4, 11.4, 11.7, 11.7, 12.3], "roe_series": [11.7, 14.9, 12.4, 11.6, 10.8, 10.6], "period": "20260630", "rev_ttm": 56.6, "np_ttm": 12.1, "ocf_ttm": 24.8, "fcf_ttm": 21.7, "fcf_yield": 16.2, "ocf_yield": 18.5, "gm_median": 31.8, "gm_std": 2.2, "gm_stab": 0.93, "gm_chg_2022": -0.0, "npm_median": 20.4, "roe_median": 11.6, "commodity": false, "hard_ratio": 2.4, "fix_assets": 6.0, "goodwill_ratio": 0.0, "pb_calc": 1.1, "capex_dep": 7.77, "interest_debt": 84.5, "debt_ebitda": 3.3, "debt_ratio": 49.1, "debt_mv": 62.8, "payout": 35.0, "div_years": 5, "rev_cagr3": -2.6, "np_cagr3": 2.6, "rev_yoy": 3.4, "np_yoy": -2.6, "np_vol": 29.1, "loss_years": 0, "far_share": 55.0, "earn_yield": 9.0, "consensus_n": 6, "fwd_pe": 10.4, "fwd_pe2": 9.9, "fwd_g1": 6.0, "fwd_g2": 5.0, "peg": 2.08, "consensus_disp": null, "mainbz": [["产品", 50.0], ["项目运营", 38.0], ["工程建造", 12.0], ["其他业务", 0.0]], "ret_prev_year": 1.7, "ret_prev2_year": 19.3, "ret_ytd": -2.0, "ret_pivot": 10.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.4, "ret_60": 7.9, "ret_120": -10.8, "ret_250": -3.2, "mdd_250": -20.5, "vol_250": 22.8, "pos_52w": 88.9}, "S": {"duration": 24, "pricing": 56, "hard": 4, "bondness": 62}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 11.1 倍、股息率 3.3%、毛利率近 5 年中位 31.8%、固定资产占比 2%、有息负债/EBITDA 3.3 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 31.8%),硬资产占比 2%。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 16.2%(经营现金流/市值 18.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -0.0 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 2%,资本开支/折旧 7.77 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 -3%,最大回撤 -20%,年化波动 23%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -4% / 8% / -11%。", "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%。", "三峰环境:PE 比行业中位低 15.0倍;股息率 比行业中位高 1.7个百分点;毛利率 比行业中位高 4.2个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}