{"F": {"ts_code": "000797.SZ", "name": "中国武夷", "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": "19970715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.58, "pe_ttm": null, "pb": 0.9471, "dv_ttm": null, "total_mv": 405254.5836, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.6, 18.1, 24.3, 37.4, 24.6, 21.9], "rev_series": [58.2, 86.7, 73.2, 94.9, 67.9, 71.3], "np_series": [2.9, 0.5, 0.3, 0.4, 0.3, -4.5], "roe_series": [5.2, 1.0, 0.6, 0.8, 0.5, -9.1], "period": "20260630", "rev_ttm": 72.4, "np_ttm": -8.0, "ocf_ttm": 4.9, "fcf_ttm": 4.6, "fcf_yield": 11.4, "ocf_yield": 12.1, "gm_median": 24.3, "gm_std": 6.5, "gm_stab": 0.73, "gm_chg_2022": -13.3, "npm_median": 2.0, "roe_median": 0.6, "commodity": false, "hard_ratio": 1.8, "fix_assets": 3.8, "goodwill_ratio": 0.0, "pb_calc": 0.95, "capex_dep": 0.42, "interest_debt": 87.7, "debt_ebitda": null, "debt_ratio": 77.0, "debt_mv": 216.3, "payout": 40.3, "div_years": 3, "rev_cagr3": -0.8, "np_cagr3": null, "rev_yoy": 7.0, "np_yoy": -373.4, "np_vol": 748.0, "loss_years": 1, "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", 38.0], ["房地产开发产品", 17.0], ["房地产开发业务", 17.0], ["建筑产品", 13.0]], "ret_prev_year": 41.9, "ret_prev2_year": -7.0, "ret_ytd": -34.4, "ret_pivot": -4.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.3, "ret_60": 6.6, "ret_120": -14.6, "ret_250": -8.8, "mdd_250": -51.6, "vol_250": 48.5, "pos_52w": 57.3}, "S": {"duration": 100, "pricing": 41, "hard": 3, "bondness": 37}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -8.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 77%,有息负债 88 亿,经营现金流/市值 12.1%: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 2%,毛利率近 5 年中位 24.3%。", "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 11.4%(经营现金流/市值 12.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.3%,稳定度 73%,2020→2022 成本通胀期毛利率变化 -13.3 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 0.42 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 -9%,最大回撤 -52%,年化波动 48%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 9% / 7% / -15%。", "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%。", "中国武夷:PE ;股息率 ;毛利率 比行业中位高 3.2个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}