{"F": {"ts_code": "688335.SH", "name": "复洁科技", "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": "20200817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 19.8, "pe_ttm": null, "pb": 2.6339, "dv_ttm": 0.9988, "total_mv": 293108.508, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.7, 39.9, 31.1, 41.9, 23.7, 28.9], "rev_series": [3.8, 3.1, 7.9, 5.8, 1.9, 3.4], "np_series": [0.7, 0.6, 1.2, 1.0, -0.5, 0.1], "roe_series": [10.1, 5.9, 9.8, 8.1, -4.2, 0.9], "period": "20260630", "rev_ttm": 3.4, "np_ttm": -0.0, "ocf_ttm": -0.4, "fcf_ttm": -1.0, "fcf_yield": -3.5, "ocf_yield": -1.5, "gm_median": 31.1, "gm_std": 6.8, "gm_stab": 0.78, "gm_chg_2022": -4.6, "npm_median": 14.5, "roe_median": 5.9, "commodity": false, "hard_ratio": 14.9, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 2.63, "capex_dep": 2.31, "interest_debt": 0.6, "debt_ebitda": 1.8, "debt_ratio": 19.9, "debt_mv": 1.9, "payout": 168.6, "div_years": 5, "rev_cagr3": -24.3, "np_cagr3": -54.6, "rev_yoy": -4.0, "np_yoy": -176.6, "np_vol": 93.3, "loss_years": 1, "far_share": 100, "earn_yield": null, "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], ["高端固液分离装备", 17.0], ["固液分离机", 17.0], ["运维、备件及其他", 8.0]], "ret_prev_year": 233.3, "ret_prev2_year": -33.5, "ret_ytd": -26.0, "ret_pivot": 176.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.1, "ret_60": -31.8, "ret_120": -52.2, "ret_250": 33.0, "mdd_250": -58.7, "vol_250": 78.3, "pos_52w": 46.0}, "S": {"duration": 100, "pricing": 47, "hard": 24, "bondness": 66}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE —、股息率 1.0%、毛利率近 5 年中位 31.1%、固定资产占比 15%、有息负债/EBITDA 1.8 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 15%,毛利率近 5 年中位 31.1%。", "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 -3.5%(经营现金流/市值 -1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.1%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -4.6 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 15%,资本开支/折旧 2.31 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -59%,年化波动 78%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 -4% / -32% / -52%。", "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%。", "复洁科技:PE ;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 3.5个百分点;固定资产占比 比行业中位高 1.0个百分点。"]}}