{"F": {"ts_code": "603706.SH", "name": "东方环宇", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "燃气Ⅱ", "sw3": "燃气Ⅲ", "ind": "燃气Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20180709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.37, "pe_ttm": 15.2911, "pb": 1.9403, "dv_ttm": 5.1813, "total_mv": 328957.7499, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.6, 25.9, 25.2, 28.8, 24.6, 29.2], "rev_series": [8.0, 9.9, 10.6, 12.0, 14.4, 13.3], "np_series": [1.0, 1.6, 1.4, 2.0, 2.0, 2.2], "roe_series": [7.7, 9.9, 8.7, 12.2, 11.8, 12.6], "period": "20260630", "rev_ttm": 12.7, "np_ttm": 2.2, "ocf_ttm": 3.2, "fcf_ttm": 2.9, "fcf_yield": 8.9, "ocf_yield": 9.7, "gm_median": 25.9, "gm_std": 1.9, "gm_stab": 0.93, "gm_chg_2022": -0.4, "npm_median": 16.6, "roe_median": 11.8, "commodity": false, "hard_ratio": 32.1, "fix_assets": 7.8, "goodwill_ratio": 5.6, "pb_calc": 1.94, "capex_dep": 0.22, "interest_debt": 1.0, "debt_ebitda": 0.2, "debt_ratio": 24.3, "debt_mv": 3.0, "payout": 86.5, "div_years": 5, "rev_cagr3": 8.0, "np_cagr3": 16.4, "rev_yoy": -9.1, "np_yoy": -0.8, "np_vol": 24.2, "loss_years": 0, "far_share": 67.0, "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", 42.0], ["供热业务", 24.0], ["天然气设施设备安装业务", 20.0], ["城镇燃气供应及相关行业", 17.0]], "ret_prev_year": 9.4, "ret_prev2_year": 22.3, "ret_ytd": -6.1, "ret_pivot": 48.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.3, "ret_60": -14.6, "ret_120": -10.8, "ret_250": -18.8, "mdd_250": -27.4, "vol_250": 32.9, "pos_52w": 73.7}, "S": {"duration": 32, "pricing": 53, "hard": 51, "bondness": 73}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 86%、股息率 5.2%、营收 3 年复合 8.0%、有息负债/EBITDA 0.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 32%),没有定价权:毛利率近 5 年中位 25.9%,稳定度 93%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.9%(经营现金流/市值 9.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -0.4 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 32%,资本开支/折旧 0.22 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.3 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -19%,最大回撤 -27%,年化波动 33%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -9% / -15% / -11%。", "行业对照": ["同申万二级「燃气Ⅱ」30 家中位:PE 22.2 / 股息率 2.5% / 毛利率 15.7% / 固定资产占比 47% / 分红率 50%。", "东方环宇:PE 比行业中位低 6.9倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位高 10.2个百分点;固定资产占比 比行业中位低 14.5个百分点。"]}}