{"F": {"ts_code": "688057.SH", "name": "金达莱", "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": "科创板", "list_date": "20201111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 18.12, "pe_ttm": 136.2096, "pb": 1.5798, "dv_ttm": 1.1038, "total_mv": 500112.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.6, 65.3, 67.2, 64.2, 61.6, 58.4], "rev_series": [9.7, 9.1, 7.9, 5.1, 4.1, 3.2], "np_series": [3.9, 3.8, 3.0, 1.8, 1.4, 0.9], "roe_series": [18.2, 12.2, 9.5, 5.7, 4.3, 3.0], "period": "20260630", "rev_ttm": 2.9, "np_ttm": 0.4, "ocf_ttm": 2.9, "fcf_ttm": 2.8, "fcf_yield": 5.5, "ocf_yield": 5.8, "gm_median": 64.2, "gm_std": 3.1, "gm_stab": 0.95, "gm_chg_2022": 1.6, "npm_median": 35.6, "roe_median": 5.7, "commodity": false, "hard_ratio": 2.4, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 1.58, "capex_dep": 0.85, "interest_debt": 1.8, "debt_ebitda": 11.6, "debt_ratio": 10.1, "debt_mv": 3.7, "payout": 58.6, "div_years": 5, "rev_cagr3": -26.0, "np_cagr3": -32.3, "rev_yoy": -18.8, "np_yoy": -90.4, "np_vol": 13.0, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["污水处理项目运营", 18.0], ["水污染治理项目运营", 18.0], ["水环境整体解决方案", 15.0]], "ret_prev_year": 12.9, "ret_prev2_year": -19.4, "ret_ytd": 50.7, "ret_pivot": 104.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.8, "ret_60": 38.4, "ret_120": 38.3, "ret_250": 33.2, "mdd_250": -29.1, "vol_250": 54.3, "pos_52w": 91.7}, "S": {"duration": 97, "pricing": 74, "hard": 4, "bondness": 62}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 2%,毛利率近 5 年中位 64.2%,自由现金流/市值 5.5%: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 64.2%),硬资产占比 2%。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 5.5%(经营现金流/市值 5.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 0.85 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 136.2 倍 粗算,约 96%(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 33%,最大回撤 -29%,年化波动 54%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -6% / 38% / 38%。", "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%。", "金达莱:PE 比行业中位高 110.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 36.6个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}