{"F": {"ts_code": "000029.SZ", "name": "深深房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": "19930915", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 22.16, "pe_ttm": null, "pb": 6.2718, "dv_ttm": 0.1579, "total_mv": 2241838.56, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.1, 49.5, 31.1, 16.2, 18.4, 27.9], "rev_series": [16.2, 13.2, 6.3, 5.3, 4.1, 14.8], "np_series": [2.9, 2.2, 1.5, -2.5, -1.8, 1.0], "roe_series": [7.8, 5.7, 3.9, -6.5, -4.9, 2.8], "period": "20260630", "rev_ttm": 9.9, "np_ttm": -0.1, "ocf_ttm": 0.2, "fcf_ttm": 0.2, "fcf_yield": 0.1, "ocf_yield": 0.1, "gm_median": 27.9, "gm_std": 11.9, "gm_stab": 0.57, "gm_chg_2022": -19.0, "npm_median": 6.7, "roe_median": 2.8, "commodity": false, "hard_ratio": 0.4, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 6.27, "capex_dep": 0.06, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 9.8, "debt_mv": 0.0, "payout": 35.4, "div_years": 3, "rev_cagr3": 32.7, "np_cagr3": -13.4, "rev_yoy": -76.6, "np_yoy": -108.3, "np_vol": 136.2, "loss_years": 2, "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", 33.0], ["其他行业产品", 22.0], ["其他主营业务", 22.0], ["房地产-住宅", 12.0]], "ret_prev_year": 46.3, "ret_prev2_year": 28.1, "ret_ytd": 0.8, "ret_pivot": 81.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.1, "ret_60": -12.8, "ret_120": 7.6, "ret_250": -26.2, "mdd_250": -44.7, "vol_250": 53.3, "pos_52w": 66.1}, "S": {"duration": 100, "pricing": 38, "hard": 1, "bondness": 13}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 10%,有息负债 0 亿,经营现金流/市值 0.1%: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 27.9%。", "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 0.1%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.9%,稳定度 57%,2020→2022 成本通胀期毛利率变化 -19.0 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 0.06 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 -26%,最大回撤 -45%,年化波动 53%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 0% / -13% / 8%。", "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%。", "深深房A:PE ;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 6.8个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}