{"F": {"ts_code": "HK.01257", "name": "中国光大绿色环保", "mkt": "HK", "ccy": "港元", "sw1": "非传统/可再生能源", "sw2": "非传统/可再生能源", "sw3": "", "ind": "非传统/可再生能源", "fin_source": "futu", "market": "主板", "list_date": "20170508", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.79, "pe_ttm": 13.859, "pb": 0.155, "dv_ttm": 7.09, "total_mv": 163220.162, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [23.5], "rev_series": [67.3], "np_series": [0.5], "roe_series": [1.2], "rev_ttm": 67.3, "np_ttm": 2.2, "ocf_ttm": 36.6, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 224.5, "gm_median": 23.5, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 0.8, "roe_median": 1.2, "commodity": false, "hard_ratio": 10.9, "fix_assets": 38.8, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 13.5, "debt_ratio": 63.0, "debt_mv": null, "payout": 98.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -3.5, "np_yoy": 110.6, "np_vol": null, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -20.4, "ret_20": 2.6, "ret_60": -4.8, "ret_120": -3.9, "ret_250": -11.6, "mdd_250": null, "vol_250": null, "pos_52w": 72.9, "eps": 0.055}, "S": {"duration": 29, "pricing": 44, "hard": 17, "bondness": 77}, "label": "成长兑现", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["盈利在追估值:最新净利润同比 111%,PE TTM 13.9 倍,历史 PEG(PE ÷ 最新增速)0.13。", "经营现金流 36.6 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 11%,毛利率最新年报 23.5%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 224.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 23.5%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 11%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.9 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 3% / -5% / -4%。", "行业对照": ["同富途行业「非传统/可再生能源」27 家中位:PE 7.0 / 股息率 0.9% / 毛利率 34.5% / 固定资产占比 34% / 分红率 36%。", "中国光大绿色环保:PE 比行业中位高 6.9倍;股息率 比行业中位高 6.2个百分点;毛利率 比行业中位低 11.0个百分点;固定资产占比 比行业中位低 22.6个百分点。"]}}