{"F": {"ts_code": "002133.SZ", "name": "广宇集团", "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": "20070427", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.85, "pe_ttm": null, "pb": 0.7703, "dv_ttm": 1.7316, "total_mv": 220631.097, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.2, 9.6, 6.9, 8.6, 3.6, 12.0], "rev_series": [52.3, 73.6, 60.2, 92.3, 46.5, 40.8], "np_series": [2.9, 3.3, 1.1, 0.4, -10.1, 0.4], "roe_series": [8.4, 8.6, 2.9, 1.0, -29.4, 1.3], "period": "20260630", "rev_ttm": 19.0, "np_ttm": -0.7, "ocf_ttm": 4.7, "fcf_ttm": 4.4, "fcf_yield": 20.0, "ocf_yield": 21.5, "gm_median": 8.6, "gm_std": 2.8, "gm_stab": 0.68, "gm_chg_2022": -8.3, "npm_median": 1.5, "roe_median": 1.3, "commodity": false, "hard_ratio": 11.3, "fix_assets": 6.9, "goodwill_ratio": 0.0, "pb_calc": 0.77, "capex_dep": 0.86, "interest_debt": 12.4, "debt_ebitda": 882.8, "debt_ratio": 49.5, "debt_mv": 56.0, "payout": 100.3, "div_years": 4, "rev_cagr3": -12.2, "np_cagr3": -30.3, "rev_yoy": -74.0, "np_yoy": -121.2, "np_vol": 1101.7, "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", 47.0], ["贸易", 23.0], ["房地产", 19.0], ["其他主营业务", 5.0]], "ret_prev_year": 35.6, "ret_prev2_year": -26.3, "ret_ytd": -15.9, "ret_pivot": 37.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.6, "ret_60": 4.4, "ret_120": -23.2, "ret_250": -14.7, "mdd_250": -40.7, "vol_250": 39.3, "pos_52w": 72.5}, "S": {"duration": 100, "pricing": 32, "hard": 18, "bondness": 80}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 50%,有息负债 12 亿,经营现金流/市值 21.5%: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 11%,毛利率近 5 年中位 8.6%。", "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 20.0%(经营现金流/市值 21.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 8.6%,稳定度 68%,2020→2022 成本通胀期毛利率变化 -8.3 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 11%,资本开支/折旧 0.86 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 -41%,年化波动 39%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 10% / 4% / -23%。", "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%。", "广宇集团:PE ;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 12.5个百分点;固定资产占比 比行业中位高 9.3个百分点。"]}}