{"F": {"ts_code": "603759.SH", "name": "海天股份", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "水务及水治理", "ind": "环境治理", "fin_source": "tushare", "market": "主板", "list_date": "20210326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.53, "pe_ttm": 23.3017, "pb": 1.1991, "dv_ttm": 1.5272, "total_mv": 347705.28, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.9, 45.2, 44.2, 48.1, 48.9, 22.0], "rev_series": [8.5, 10.8, 11.9, 12.8, 15.2, 32.2], "np_series": [1.7, 2.1, 2.1, 2.4, 3.0, 1.8], "roe_series": [14.8, 12.3, 9.4, 9.8, 11.5, 6.2], "period": "20260630", "rev_ttm": 51.1, "np_ttm": 1.5, "ocf_ttm": -3.6, "fcf_ttm": -5.6, "fcf_yield": -16.2, "ocf_yield": -10.4, "gm_median": 45.2, "gm_std": 10.0, "gm_stab": 0.78, "gm_chg_2022": -5.7, "npm_median": 18.5, "roe_median": 9.8, "commodity": false, "hard_ratio": 13.1, "fix_assets": 13.2, "goodwill_ratio": 0.0, "pb_calc": 1.2, "capex_dep": 1.77, "interest_debt": 52.8, "debt_ebitda": 7.5, "debt_ratio": 68.5, "debt_mv": 151.9, "payout": 41.1, "div_years": 3, "rev_cagr3": 39.4, "np_cagr3": -6.1, "rev_yoy": 189.1, "np_yoy": -44.9, "np_vol": 24.7, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["新能源新材料业务", 24.0], ["新材料新能源相关产品", 24.0], ["污水处理", 5.0]], "ret_prev_year": 18.3, "ret_prev2_year": 11.2, "ret_ytd": -27.8, "ret_pivot": 36.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.3, "ret_60": 2.5, "ret_120": -26.4, "ret_250": -13.6, "mdd_250": -57.7, "vol_250": 45.4, "pos_52w": 47.5}, "S": {"duration": 44, "pricing": 54, "hard": 21, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.3 倍、股息率 1.5%、毛利率近 5 年中位 45.2%、固定资产占比 13%、有息负债/EBITDA 7.5 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 45.2%。", "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 -10.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.2%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -5.7 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 13%,资本开支/折旧 1.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.3 倍 粗算,约 79%(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 -14%,最大回撤 -58%,年化波动 45%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 4% / 2% / -26%。", "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%。", "海天股份:PE 比行业中位低 2.8倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 17.6个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}