{"F": {"ts_code": "920703.BJ", "name": "广厦环能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20231205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.3, "pe_ttm": 18.232, "pb": 1.3619, "dv_ttm": null, "total_mv": 155245.72, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.8, 50.5, 42.2, 42.5, 43.9, 42.6], "rev_series": [3.8, 4.3, 4.8, 5.2, 5.4, 3.7], "np_series": [1.0, 1.2, 1.3, 1.3, 1.5, 0.9], "roe_series": [37.9, 33.2, 27.9, 17.3, 15.3, 8.2], "period": "20260630", "rev_ttm": 4.0, "np_ttm": 0.9, "ocf_ttm": 1.5, "fcf_ttm": 0.9, "fcf_yield": 5.7, "ocf_yield": 9.7, "gm_median": 42.6, "gm_std": 3.1, "gm_stab": 0.93, "gm_chg_2022": -6.6, "npm_median": 27.6, "roe_median": 17.3, "commodity": false, "hard_ratio": 9.5, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 1.36, "capex_dep": 5.29, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 20.6, "debt_mv": 0.4, "payout": 31.0, "div_years": 2, "rev_cagr3": -8.2, "np_cagr3": -11.6, "rev_yoy": 20.7, "np_yoy": -19.8, "np_vol": 22.7, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.5, "consensus_n": 3, "fwd_pe": 25.5, "fwd_pe2": 19.9, "fwd_g1": -29.0, "fwd_g2": 28.0, "peg": 0.91, "consensus_disp": null, "mainbz": [["高效换热器系列产品", 50.0], ["高效换热器", 50.0], ["其他业务", 0.0]], "ret_prev_year": -1.2, "ret_prev2_year": -22.6, "ret_ytd": -28.5, "ret_pivot": -11.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 37, "pricing": 58, "hard": 15, "bondness": 31}, "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 10%,毛利率近 5 年中位 42.6%,自由现金流/市值 5.7%: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 42.6%),硬资产占比 10%。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 5.7%(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 42.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.6 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 10%,资本开支/折旧 5.29 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.2 倍 粗算,约 73%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "广厦环能:PE 比行业中位低 24.1倍;股息率 ;毛利率 比行业中位高 16.3个百分点;固定资产占比 比行业中位低 8.5个百分点。"]}}