{"F": {"ts_code": "603588.SH", "name": "高能环境", "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": "20141229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.71, "pe_ttm": 16.5063, "pb": 2.1493, "dv_ttm": 0.6712, "total_mv": 2240677.9495, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.2, 24.4, 23.6, 18.2, 14.4, 19.0], "rev_series": [68.3, 78.3, 87.7, 105.8, 145.0, 147.3], "np_series": [5.5, 7.3, 6.9, 5.0, 4.8, 8.4], "roe_series": [14.0, 14.2, 9.6, 5.6, 5.3, 9.0], "period": "20260630", "rev_ttm": 183.5, "np_ttm": 13.6, "ocf_ttm": 2.2, "fcf_ttm": -1.9, "fcf_yield": -0.9, "ocf_yield": 1.0, "gm_median": 19.0, "gm_std": 3.7, "gm_stab": 0.81, "gm_chg_2022": 0.4, "npm_median": 7.1, "roe_median": 9.0, "commodity": false, "hard_ratio": 12.9, "fix_assets": 39.2, "goodwill_ratio": 1.6, "pb_calc": 2.15, "capex_dep": 1.44, "interest_debt": 140.9, "debt_ebitda": 4.7, "debt_ratio": 61.5, "debt_mv": 62.9, "payout": 30.1, "div_years": 5, "rev_cagr3": 18.9, "np_cagr3": 6.6, "rev_yoy": 54.0, "np_yoy": 103.4, "np_vol": 35.5, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.1, "consensus_n": 11, "fwd_pe": 13.0, "fwd_pe2": 11.1, "fwd_g1": 27.0, "fwd_g2": 18.0, "peg": 0.72, "consensus_disp": null, "mainbz": [["资源循环利用", 44.0], ["资源化利用", 44.0], ["运营服务", 4.0], ["环保运营服务", 4.0]], "ret_prev_year": 50.3, "ret_prev2_year": -14.6, "ret_ytd": 93.0, "ret_pivot": 293.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.7, "ret_60": 7.5, "ret_120": -2.8, "ret_250": 108.4, "mdd_250": -41.2, "vol_250": 55.6, "pos_52w": 74.3}, "S": {"duration": 34, "pricing": 46, "hard": 21, "bondness": 30}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 16.5 倍、股息率 0.7%、毛利率近 5 年中位 19.0%、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 19.0%。", "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 -0.9%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.0%,稳定度 81%,2020→2022 成本通胀期毛利率变化 0.4 个百分点。不能。"], ["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 1.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.5 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 108%,最大回撤 -41%,年化波动 56%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 4% / 8% / -3%。", "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%。", "高能环境:PE 比行业中位低 9.6倍;股息率 比行业中位低 0.9个百分点;毛利率 比行业中位低 8.6个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}