{"F": {"ts_code": "000926.SZ", "name": "福星股份", "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": "19990618", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.2, "pe_ttm": null, "pb": 1.1565, "dv_ttm": null, "total_mv": 350452.234, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.8, 19.4, 20.6, 25.8, 15.4, 13.6], "rev_series": [75.0, 125.4, 151.4, 55.1, 87.6, 38.3], "np_series": [3.1, 1.7, 1.0, 0.7, -26.0, -41.3], "roe_series": [2.8, 1.5, 0.9, 0.6, -24.2, -55.8], "period": "20260630", "rev_ttm": 38.5, "np_ttm": -58.0, "ocf_ttm": 12.3, "fcf_ttm": 12.3, "fcf_yield": 35.1, "ocf_yield": 35.1, "gm_median": 19.4, "gm_std": 4.3, "gm_stab": 0.78, "gm_chg_2022": -0.1, "npm_median": 0.9, "roe_median": 0.6, "commodity": false, "hard_ratio": 2.6, "fix_assets": 5.1, "goodwill_ratio": 0.0, "pb_calc": 1.16, "capex_dep": -0.01, "interest_debt": 51.9, "debt_ebitda": null, "debt_ratio": 80.8, "debt_mv": 148.2, "payout": 14.3, "div_years": 2, "rev_cagr3": -36.7, "np_cagr3": null, "rev_yoy": 2.2, "np_yoy": -254.9, "np_vol": 1544.8, "loss_years": 2, "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", 49.0], ["金属制品", 27.0], ["房地产", 18.0], ["其他主营业务", 3.0]], "ret_prev_year": -11.8, "ret_prev2_year": -14.2, "ret_ytd": -2.2, "ret_pivot": 15.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": 0.9, "ret_120": -2.7, "ret_250": -27.2, "mdd_250": -44.8, "vol_250": 44.5, "pos_52w": 63.6}, "S": {"duration": 100, "pricing": 44, "hard": 4, "bondness": 28}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -58.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 81%,有息负债 52 亿,经营现金流/市值 35.1%: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 3%,毛利率近 5 年中位 19.4%。", "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 35.1%(经营现金流/市值 35.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.4%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -0.1 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 3%,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 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 -27%,最大回撤 -45%,年化波动 44%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 2% / 1% / -3%。", "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%。", "福星股份:PE ;股息率 ;毛利率 比行业中位低 1.7个百分点;固定资产占比 比行业中位高 0.6个百分点。"]}}