{"F": {"ts_code": "603797.SH", "name": "联泰环保", "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": "20170413", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.79, "pe_ttm": 21.8751, "pb": 0.816, "dv_ttm": null, "total_mv": 276193.8908, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [70.2, 69.4, 65.2, 48.9, 61.4, 60.9], "rev_series": [6.0, 7.9, 9.8, 13.7, 10.4, 10.2], "np_series": [2.4, 3.0, 2.7, 2.2, 1.8, 1.3], "roe_series": [15.4, 13.9, 9.7, 7.6, 5.7, 3.9], "period": "20260630", "rev_ttm": 10.2, "np_ttm": 1.3, "ocf_ttm": 4.5, "fcf_ttm": 4.4, "fcf_yield": 15.8, "ocf_yield": 16.4, "gm_median": 61.4, "gm_std": 6.8, "gm_stab": 0.89, "gm_chg_2022": -5.0, "npm_median": 17.8, "roe_median": 7.6, "commodity": false, "hard_ratio": 0.0, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 0.82, "capex_dep": 8.28, "interest_debt": 50.6, "debt_ebitda": 9.0, "debt_ratio": 64.3, "debt_mv": 183.1, "payout": 29.0, "div_years": 2, "rev_cagr3": 1.3, "np_cagr3": -21.7, "rev_yoy": 0.8, "np_yoy": -2.9, "np_vol": 19.5, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["污水处理服务费", 91.0], ["污泥处理服务费", 5.0], ["污泥处理收入", 5.0]], "ret_prev_year": 19.4, "ret_prev2_year": -28.0, "ret_ytd": 2.6, "ret_pivot": 58.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.9, "ret_60": 16.3, "ret_120": -6.6, "ret_250": 0.6, "mdd_250": -30.0, "vol_250": 33.0, "pos_52w": 92.1}, "S": {"duration": 42, "pricing": 66, "hard": 0, "bondness": 44}, "label": "轻资产现金牛", "tags": ["资本开支扩张期"], "text": {"像什么": ["固定资产占比 0%,毛利率近 5 年中位 61.4%,自由现金流/市值 15.8%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 61.4%),硬资产占比 0%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 15.8%(经营现金流/市值 16.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 61.4%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -5.0 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 0%,资本开支/折旧 8.28 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.9 倍 粗算,约 77%(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 1%,最大回撤 -30%,年化波动 33%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 15% / 16% / -7%。", "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%。", "联泰环保:PE 比行业中位低 4.2倍;股息率 ;毛利率 比行业中位高 33.8个百分点;固定资产占比 比行业中位低 13.9个百分点。"]}}