{"F": {"ts_code": "000056.SZ", "name": "*ST皇庭", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产服务", "sw3": "物业管理", "ind": "房地产服务", "fin_source": "tushare", "market": "主板", "list_date": "19960708", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.35, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 277894.127, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.0, 70.6, 68.1, 25.1, 58.5, 25.4], "rev_series": [6.9, 7.5, 6.6, 11.7, 6.6, 33.6], "np_series": [-2.9, -11.6, -12.3, -11.3, -6.4, -27.3], "roe_series": [-5.7, -28.2, -44.4, -72.8, -94.7, null], "period": "20260630", "rev_ttm": 32.4, "np_ttm": -28.2, "ocf_ttm": 1.1, "fcf_ttm": 1.1, "fcf_yield": 4.0, "ocf_yield": 4.1, "gm_median": 58.5, "gm_std": 20.3, "gm_stab": 0.65, "gm_chg_2022": 3.1, "npm_median": -99.3, "roe_median": -58.6, "commodity": false, "hard_ratio": 9.4, "fix_assets": 1.6, "goodwill_ratio": 0.4, "pb_calc": null, "capex_dep": 0.06, "interest_debt": 7.0, "debt_ebitda": 2.2, "debt_ratio": 250.7, "debt_mv": 25.1, "payout": null, "div_years": 0, "rev_cagr3": 71.8, "np_cagr3": null, "rev_yoy": -40.5, "np_yoy": -46.8, "np_vol": 160.9, "loss_years": 5, "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", 40.0], ["融资租赁服务及其他", 17.0], ["物业管理收入", 16.0], ["物业服务", 16.0]], "ret_prev_year": -26.4, "ret_prev2_year": -26.2, "ret_ytd": 16.9, "ret_pivot": 31.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.8, "ret_60": 43.3, "ret_120": 19.9, "ret_250": -14.5, "mdd_250": -60.1, "vol_250": 58.9, "pos_52w": 74.4}, "S": {"duration": 100, "pricing": 62, "hard": 15, "bondness": 7}, "label": "轻资产现金牛", "tags": ["亏损或困境", "近5年≥2年亏损"], "text": {"像什么": ["固定资产占比 9%,毛利率近 5 年中位 58.5%,自由现金流/市值 4.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 9%,毛利率近 5 年中位 58.5%。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.0%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.5%,稳定度 65%,2020→2022 成本通胀期毛利率变化 3.1 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,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 -14%,最大回撤 -60%,年化波动 59%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 10% / 43% / 20%。", "行业对照": ["同申万二级「房地产服务」12 家中位:PE 38.0 / 股息率 1.8% / 毛利率 14.2% / 固定资产占比 2% / 分红率 37%。", "*ST皇庭:PE ;股息率 ;毛利率 比行业中位高 44.3个百分点;固定资产占比 比行业中位高 7.0个百分点。"]}}