{"F": {"ts_code": "US.RSG", "name": "共和废品处理", "mkt": "US", "ccy": "美元", "sw1": "废物管理", "sw2": "废物管理", "sw3": "", "ind": "废物管理", "fin_source": "futu", "market": "NYSE", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 222.71, "pe_ttm": 31.545, "pb": 5.667, "dv_ttm": 1.12, "total_mv": 6819669.233038, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [42.0], "rev_series": [165.9], "np_series": [21.4], "roe_series": [18.3], "rev_ttm": 165.9, "np_ttm": 21.9, "ocf_ttm": 45.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.7, "gm_median": 42.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 12.9, "roe_median": 18.3, "commodity": false, "hard_ratio": 40.0, "fix_assets": 133.6, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 51.0, "debt_ratio": 65.2, "debt_mv": null, "payout": 35.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 3.5, "np_yoy": 4.6, "np_vol": null, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "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": 6.0, "ret_20": 3.8, "ret_60": 5.1, "ret_120": -0.1, "ret_250": -1.2, "mdd_250": null, "vol_250": null, "pos_52w": 96.0, "eps": 6.85}, "S": {"duration": 55, "pricing": 53, "hard": 64, "bondness": 32}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.5 倍、股息率 1.1%、毛利率最新年报 42.0%、固定资产占比 40%、资产负债率 65%:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 40%、毛利率 42.0% 看起来两条都占,但价格受管制(废物管理: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?", "经营现金流/市值 6.7%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 42.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 40%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.5 倍 粗算,约 84%(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 -1%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 4% / 5% / -0%。", "行业对照": ["同富途行业「废物管理」21 家中位:PE 19.8 / 股息率 0.0% / 毛利率 26.2% / 固定资产占比 36% / 分红率 0%。", "共和废品处理:PE 比行业中位高 11.7倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 15.8个百分点;固定资产占比 比行业中位高 3.8个百分点。"]}}