{"F": {"ts_code": "000006.SZ", "name": "深振业A", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "住宅开发", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "19920427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.01, "pe_ttm": null, "pb": 1.7972, "dv_ttm": null, "total_mv": 946346.495, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.6, 43.4, 38.6, 39.1, 8.0, 19.1], "rev_series": [29.3, 30.9, 37.0, 28.1, 60.6, 26.2], "np_series": [8.6, 5.4, 4.2, -8.0, -15.7, -0.4], "roe_series": [12.3, 7.2, 5.4, -10.8, -25.3, -0.8], "period": "20260630", "rev_ttm": 15.3, "np_ttm": -0.7, "ocf_ttm": -0.9, "fcf_ttm": -1.1, "fcf_yield": -1.1, "ocf_yield": -1.0, "gm_median": 38.6, "gm_std": 13.7, "gm_stab": 0.64, "gm_chg_2022": -8.0, "npm_median": -1.3, "roe_median": -0.8, "commodity": false, "hard_ratio": 0.4, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 1.8, "capex_dep": 0.33, "interest_debt": 45.0, "debt_ebitda": 23.5, "debt_ratio": 62.2, "debt_mv": 47.5, "payout": null, "div_years": 2, "rev_cagr3": -10.9, "np_cagr3": null, "rev_yoy": -57.7, "np_yoy": -34.9, "np_vol": 127.2, "loss_years": 3, "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", 34.0], ["房产销售业务", 31.0], ["房产销售", 31.0], ["房产租赁", 2.0]], "ret_prev_year": 35.9, "ret_prev2_year": 59.5, "ret_ytd": -29.5, "ret_pivot": 61.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": -10.7, "ret_120": -22.4, "ret_250": -4.4, "mdd_250": -58.9, "vol_250": 53.6, "pos_52w": 49.5}, "S": {"duration": 100, "pricing": 45, "hard": 1, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 45 亿,经营现金流/市值 -1.0%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 0%,毛利率近 5 年中位 38.6%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -1.1%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.6%,稳定度 64%,2020→2022 成本通胀期毛利率变化 -8.0 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 0%,资本开支/折旧 0.33 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 -4%,最大回撤 -59%,年化波动 54%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 4% / -11% / -22%。", "行业对照": ["同申万二级「房地产开发」83 家中位:PE 26.0 / 股息率 0.7% / 毛利率 21.1% / 固定资产占比 2% / 分红率 36%。", "深振业A:PE ;股息率 ;毛利率 比行业中位高 17.5个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}