{"F": {"ts_code": "000863.SZ", "name": "三湘印象", "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": "19970925", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.17, "pe_ttm": null, "pb": 1.1351, "dv_ttm": null, "total_mv": 492351.7332, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.9, 18.8, 47.4, 48.7, 49.8, 39.2], "rev_series": [48.9, 30.1, 13.5, 11.0, 12.1, 7.4], "np_series": [3.0, 1.1, 0.3, 0.0, 0.2, -1.3], "roe_series": [5.6, 2.4, 0.7, 0.0, 0.4, -3.0], "period": "20260630", "rev_ttm": 12.7, "np_ttm": -1.6, "ocf_ttm": 2.2, "fcf_ttm": 2.1, "fcf_yield": 4.3, "ocf_yield": 4.4, "gm_median": 47.4, "gm_std": 11.6, "gm_stab": 0.75, "gm_chg_2022": 32.5, "npm_median": -3.2, "roe_median": 0.4, "commodity": false, "hard_ratio": 0.8, "fix_assets": 0.4, "goodwill_ratio": 4.8, "pb_calc": 1.14, "capex_dep": 0.14, "interest_debt": 4.5, "debt_ebitda": null, "debt_ratio": 33.2, "debt_mv": 9.1, "payout": null, "div_years": 1, "rev_cagr3": -18.3, "np_cagr3": null, "rev_yoy": 142.9, "np_yoy": -440.4, "np_vol": 740.6, "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", 34.0], ["房地产销售", 32.0], ["房地产", 32.0], ["房屋租赁", 1.0]], "ret_prev_year": 60.6, "ret_prev2_year": -1.8, "ret_ytd": -33.1, "ret_pivot": 23.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": -8.4, "ret_120": -25.7, "ret_250": 15.2, "mdd_250": -47.8, "vol_250": 55.4, "pos_52w": 62.1}, "S": {"duration": 100, "pricing": 61, "hard": 1, "bondness": 23}, "label": "轻资产现金牛", "tags": ["亏损或困境"], "text": {"像什么": ["固定资产占比 1%,毛利率近 5 年中位 47.4%,自由现金流/市值 4.3%: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 1%,毛利率近 5 年中位 47.4%。", "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 4.3%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.4%,稳定度 75%,2020→2022 成本通胀期毛利率变化 32.5 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 1%,资本开支/折旧 0.14 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 15%,最大回撤 -48%,年化波动 55%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 4% / -8% / -26%。", "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%。", "三湘印象:PE ;股息率 ;毛利率 比行业中位高 26.3个百分点;固定资产占比 比行业中位低 1.2个百分点。"]}}