{"F": {"ts_code": "000608.SZ", "name": "阳光股份", "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": "19960919", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.36, "pe_ttm": null, "pb": 2.7262, "dv_ttm": null, "total_mv": 551936.1888, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.7, 77.1, 71.2, 61.8, 44.1, 29.6], "rev_series": [5.7, 5.7, 3.7, 3.1, 3.7, 3.4], "np_series": [1.1, 0.6, -3.8, -2.3, -1.3, -2.2], "roe_series": [3.6, 2.0, -13.1, -9.2, -5.4, -9.9], "period": "20260630", "rev_ttm": 3.3, "np_ttm": -2.3, "ocf_ttm": 0.4, "fcf_ttm": -0.4, "fcf_yield": -0.7, "ocf_yield": 0.7, "gm_median": 61.8, "gm_std": 17.6, "gm_stab": 0.72, "gm_chg_2022": -1.5, "npm_median": -63.2, "roe_median": -9.2, "commodity": false, "hard_ratio": 2.3, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 2.73, "capex_dep": 24.67, "interest_debt": 8.2, "debt_ebitda": 14.7, "debt_ratio": 46.4, "debt_mv": 14.8, "payout": null, "div_years": 0, "rev_cagr3": -2.6, "np_cagr3": null, "rev_yoy": -10.8, "np_yoy": -32.5, "np_vol": 279.8, "loss_years": 4, "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", 36.0], ["商业租赁", 25.0], ["商业出租", 25.0], ["商业运营", 8.0]], "ret_prev_year": 16.9, "ret_prev2_year": -21.9, "ret_ytd": 179.8, "ret_pivot": 374.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.5, "ret_60": 17.8, "ret_120": 95.7, "ret_250": 277.4, "mdd_250": -27.9, "vol_250": 56.5, "pos_52w": 93.8}, "S": {"duration": 100, "pricing": 62, "hard": 4, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -2.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 46%,有息负债 8 亿,经营现金流/市值 0.7%: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 61.8%。", "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 -0.7%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 61.8%,稳定度 72%,2020→2022 成本通胀期毛利率变化 -1.5 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 2%,资本开支/折旧 24.67 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 277%,最大回撤 -28%,年化波动 56%,现价在 52 周高点的 94%;近 20 / 60 / 120 日 2% / 18% / 96%。", "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%。", "阳光股份:PE ;股息率 ;毛利率 比行业中位高 40.7个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}