{"F": {"ts_code": "000402.SZ", "name": "金融街", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "商业地产", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "19960626", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.6, "pe_ttm": null, "pb": 0.4001, "dv_ttm": null, "total_mv": 777121.774, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.9, 21.4, 15.6, 7.3, 3.0, 10.4], "rev_series": [181.2, 241.6, 205.1, 125.7, 190.7, 80.0], "np_series": [25.0, 16.4, 8.5, -19.5, -110.8, -53.8], "roe_series": [7.0, 4.5, 2.3, -5.3, -36.4, -24.3], "period": "20260630", "rev_ttm": 79.6, "np_ttm": -44.6, "ocf_ttm": 10.1, "fcf_ttm": 9.6, "fcf_yield": 12.3, "ocf_yield": 13.0, "gm_median": 10.4, "gm_std": 6.4, "gm_stab": 0.38, "gm_chg_2022": -17.2, "npm_median": -17.2, "roe_median": -5.3, "commodity": false, "hard_ratio": 1.6, "fix_assets": 18.2, "goodwill_ratio": 0.0, "pb_calc": 0.36, "capex_dep": 0.8, "interest_debt": 719.3, "debt_ebitda": null, "debt_ratio": 79.1, "debt_mv": 925.6, "payout": null, "div_years": 2, "rev_cagr3": -26.9, "np_cagr3": null, "rev_yoy": -0.9, "np_yoy": 91.4, "np_vol": 198.8, "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", 48.0], ["房产开发", 38.0], ["物业租赁", 7.0], ["物业经营", 2.0]], "ret_prev_year": -15.6, "ret_prev2_year": -10.2, "ret_ytd": -5.5, "ret_pivot": 15.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": -5.5, "ret_120": -5.1, "ret_250": -17.7, "mdd_250": -32.4, "vol_250": 38.7, "pos_52w": 74.5}, "S": {"duration": 100, "pricing": 22, "hard": 3, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -44.6 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 79%,有息负债 719 亿,经营现金流/市值 13.0%: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 2%,毛利率近 5 年中位 10.4%。", "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 12.3%(经营现金流/市值 13.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.4%,稳定度 38%,2020→2022 成本通胀期毛利率变化 -17.2 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 0.80 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 -18%,最大回撤 -32%,年化波动 39%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 6% / -6% / -5%。", "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%。", "金融街:PE ;股息率 ;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}