{"F": {"ts_code": "920802.BJ", "name": "保丽洁", "mkt": "CN", "ccy": "元", "sw1": "环保", "sw2": "环境治理", "sw3": "大气治理", "ind": "环境治理", "fin_source": "tushare", "market": "北交所", "list_date": "20230206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.38, "pe_ttm": 35.1186, "pb": 2.1186, "dv_ttm": 1.0545, "total_mv": 93325.434, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.9, 38.7, 37.0, 30.7, 34.0, 36.8], "rev_series": [1.8, 1.9, 1.8, 1.7, 1.9, 2.0], "np_series": [0.5, 0.4, 0.3, 0.2, 0.2, 0.2], "roe_series": [17.0, 12.8, 10.9, 5.2, 5.4, 5.7], "period": "20260630", "rev_ttm": 2.1, "np_ttm": 0.3, "ocf_ttm": 0.4, "fcf_ttm": 0.3, "fcf_yield": 3.7, "ocf_yield": 4.6, "gm_median": 36.8, "gm_std": 2.8, "gm_stab": 0.92, "gm_chg_2022": -4.9, "npm_median": 12.4, "roe_median": 5.7, "commodity": false, "hard_ratio": 32.4, "fix_assets": 1.7, "goodwill_ratio": 2.3, "pb_calc": 2.12, "capex_dep": 0.5, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 18.0, "debt_mv": 0.6, "payout": 44.6, "div_years": 4, "rev_cagr3": 3.2, "np_cagr3": -10.7, "rev_yoy": 12.3, "np_yoy": 20.6, "np_vol": 21.1, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["商用油烟净化设备", 46.0], ["工业油烟净化设备", 21.0], ["配件及维护服务", 14.0], ["配件及维修", 14.0]], "ret_prev_year": 29.8, "ret_prev2_year": 29.1, "ret_ytd": -25.4, "ret_pivot": 94.5, "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": 58, "pricing": 54, "hard": 52, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 35.1 倍、股息率 1.1%、毛利率近 5 年中位 36.8%、固定资产占比 32%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 32%、毛利率 36.8% 看起来两条都占,但价格受管制(环境治理:电价/通行费/港口费由主管部门或市场化机制定),高毛利来自成本结构不是提价能力。通胀来了它不能提价,利润跟不上通胀,所以不算。", "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 3.7%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -4.9 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 32%,资本开支/折旧 0.50 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.1 倍 粗算,约 86%(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「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%。", "保丽洁:PE 比行业中位高 9.0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 9.2个百分点;固定资产占比 比行业中位高 18.5个百分点。"]}}