{"F": {"ts_code": "603282.SH", "name": "亚光股份", "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": "20230315", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.68, "pe_ttm": 27.7158, "pb": 1.6959, "dv_ttm": 1.3647, "total_mv": 223211.76, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.0, 38.8, 35.5, 33.6, 34.3, 29.0], "rev_series": [4.2, 4.8, 9.2, 9.8, 8.0, 8.7], "np_series": [0.8, 0.9, 1.7, 1.6, 1.0, 1.0], "roe_series": [30.7, 26.1, 34.1, 18.0, 8.3, 7.5], "period": "20260630", "rev_ttm": 8.6, "np_ttm": 0.8, "ocf_ttm": 1.3, "fcf_ttm": 0.9, "fcf_yield": 3.9, "ocf_yield": 5.8, "gm_median": 34.3, "gm_std": 3.2, "gm_stab": 0.91, "gm_chg_2022": -5.5, "npm_median": 16.5, "roe_median": 18.0, "commodity": false, "hard_ratio": 17.6, "fix_assets": 4.2, "goodwill_ratio": 0.5, "pb_calc": 1.7, "capex_dep": 1.51, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 44.3, "debt_mv": 1.2, "payout": 31.9, "div_years": 3, "rev_cagr3": -1.6, "np_cagr3": -17.0, "rev_yoy": -3.5, "np_yoy": -37.3, "np_vol": 38.5, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 38.5, "ret_prev2_year": -43.4, "ret_ytd": -14.9, "ret_pivot": 26.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.8, "ret_60": 13.8, "ret_120": -22.1, "ret_250": -7.6, "mdd_250": -43.8, "vol_250": 39.7, "pos_52w": 73.1}, "S": {"duration": 50, "pricing": 53, "hard": 28, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 27.7 倍、股息率 1.4%、毛利率近 5 年中位 34.3%、固定资产占比 18%、有息负债/EBITDA 0.2 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 34.3%),硬资产占比 18%。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 3.9%(经营现金流/市值 5.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.3%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -5.5 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 18%,资本开支/折旧 1.51 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.7 倍 粗算,约 82%(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 -8%,最大回撤 -44%,年化波动 40%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 15% / 14% / -22%。", "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%。", "亚光股份:PE 比行业中位低 6.5倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 6.9个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}