{"F": {"ts_code": "000573.SZ", "name": "粤宏远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": "19940815", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.81, "pe_ttm": 192.8869, "pb": 1.5141, "dv_ttm": 1.3123, "total_mv": 243184.9086, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.1, 34.5, 9.8, 14.2, 8.8, 5.9], "rev_series": [8.3, 12.1, 9.5, 3.5, 4.9, 5.5], "np_series": [-1.2, 1.4, 0.4, 0.7, -0.5, 0.7], "roe_series": [-7.0, 8.6, 2.5, 4.0, -2.9, 4.3], "period": "20260630", "rev_ttm": 6.3, "np_ttm": 0.1, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.4, "ocf_yield": -0.4, "gm_median": 9.8, "gm_std": 10.3, "gm_stab": -0.05, "gm_chg_2022": -14.3, "npm_median": 11.2, "roe_median": 4.0, "commodity": false, "hard_ratio": 1.9, "fix_assets": 0.4, "goodwill_ratio": 0.6, "pb_calc": 1.51, "capex_dep": -0.01, "interest_debt": 2.4, "debt_ebitda": null, "debt_ratio": 22.7, "debt_mv": 9.9, "payout": 51.7, "div_years": 5, "rev_cagr3": -16.7, "np_cagr3": 18.2, "rev_yoy": 32.2, "np_yoy": -55.3, "np_vol": 161.6, "loss_years": 1, "far_share": 97.0, "earn_yield": 0.5, "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], ["废旧铅蓄电池回收收入", 29.0], ["废旧铅蓄电池回收", 29.0], ["房地产业(售楼)", 2.0]], "ret_prev_year": 41.2, "ret_prev2_year": -10.2, "ret_ytd": -6.6, "ret_pivot": 74.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.8, "ret_60": -7.5, "ret_120": -11.4, "ret_250": -10.4, "mdd_250": -32.7, "vol_250": 39.2, "pos_52w": 76.5}, "S": {"duration": 99, "pricing": 9, "hard": 3, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 192.9 倍、股息率 1.3%、毛利率近 5 年中位 9.8%、固定资产占比 2%、资产负债率 23%:四轴都不突出。"], "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 9.8%。", "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?", "自由现金流/市值 -0.4%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.8%,稳定度 -5%,2020→2022 成本通胀期毛利率变化 -14.3 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 -0.01 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 192.9 倍 粗算,约 97%(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 -10%,最大回撤 -33%,年化波动 39%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 6% / -8% / -11%。", "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%。", "粤宏远A:PE 比行业中位高 166.9倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 11.3个百分点;固定资产占比 比行业中位低 0.1个百分点。"]}}