{"F": {"ts_code": "603568.SH", "name": "伟明环保", "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": "20150528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.43, "pe_ttm": 17.2024, "pb": 2.0245, "dv_ttm": 3.4713, "total_mv": 2955924.0282, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.1, 47.7, 47.2, 47.5, 51.8, 50.9], "rev_series": [31.2, 41.9, 44.5, 60.2, 71.7, 62.4], "np_series": [12.6, 15.4, 16.5, 20.5, 27.0, 22.1], "roe_series": [25.9, 23.4, 19.5, 20.1, 22.2, 15.6], "period": "20260630", "rev_ttm": 54.0, "np_ttm": 17.2, "ocf_ttm": 30.5, "fcf_ttm": 13.6, "fcf_yield": 4.6, "ocf_yield": 10.3, "gm_median": 47.7, "gm_std": 1.9, "gm_stab": 0.96, "gm_chg_2022": -6.9, "npm_median": 37.6, "roe_median": 20.1, "commodity": false, "hard_ratio": 17.6, "fix_assets": 52.1, "goodwill_ratio": 0.0, "pb_calc": 2.01, "capex_dep": 8.56, "interest_debt": 74.5, "debt_ebitda": 2.4, "debt_ratio": 43.6, "debt_mv": 25.2, "payout": 30.0, "div_years": 5, "rev_cagr3": 11.9, "np_cagr3": 10.2, "rev_yoy": -21.4, "np_yoy": -34.8, "np_vol": 18.0, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.8, "consensus_n": 9, "fwd_pe": 11.0, "fwd_pe2": 9.7, "fwd_g1": 56.0, "fwd_g2": 13.0, "peg": 0.85, "consensus_disp": null, "mainbz": [["项目运营", 60.0], ["设备、EPC及服务", 23.0], ["新材料产品", 16.0], ["其他业务", 1.0]], "ret_prev_year": 20.6, "ret_prev2_year": 40.1, "ret_ytd": -30.1, "ret_pivot": 6.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.4, "ret_60": -10.8, "ret_120": -38.7, "ret_250": -7.6, "mdd_250": -39.5, "vol_250": 35.5, "pos_52w": 61.0}, "S": {"duration": 35, "pricing": 61, "hard": 28, "bondness": 47}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 17.2 倍、股息率 3.5%、毛利率近 5 年中位 47.7%、固定资产占比 18%、有息负债/EBITDA 2.4 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 47.7%),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 4.6%(经营现金流/市值 10.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -6.9 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 8.56 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.2 倍 粗算,约 71%(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 -40%,年化波动 36%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -6% / -11% / -39%。", "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%。", "伟明环保:PE 比行业中位低 8.9倍;股息率 比行业中位高 1.9个百分点;毛利率 比行业中位高 20.1个百分点;固定资产占比 比行业中位高 3.7个百分点。"]}}