{"F": {"ts_code": "002285.SZ", "name": "世联行", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产服务", "sw3": "房产租赁经纪", "ind": "房地产服务", "fin_source": "tushare", "market": "主板", "list_date": "20090828", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.37, "pe_ttm": null, "pb": 2.1862, "dv_ttm": null, "total_mv": 472300.4967, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.9, 15.1, 9.5, 8.9, 10.7, 6.4], "rev_series": [67.2, 60.8, 39.8, 33.7, 24.4, 19.5], "np_series": [1.1, -11.3, -3.4, -3.0, -2.0, -6.5], "roe_series": [2.1, -25.5, -9.7, -9.2, -6.7, -25.8], "period": "20260630", "rev_ttm": 17.3, "np_ttm": -6.7, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 0.7, "ocf_yield": 1.0, "gm_median": 9.5, "gm_std": 2.8, "gm_stab": 0.7, "gm_chg_2022": -2.4, "npm_median": -9.4, "roe_median": -9.7, "commodity": false, "hard_ratio": 1.3, "fix_assets": 0.4, "goodwill_ratio": 1.2, "pb_calc": 2.19, "capex_dep": 0.44, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 31.4, "debt_mv": 0.2, "payout": null, "div_years": 0, "rev_cagr3": -21.2, "np_cagr3": null, "rev_yoy": -21.4, "np_yoy": -178.1, "np_vol": 448.6, "loss_years": 5, "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", 35.0], ["物业及综合设施管理业务", 15.0], ["城市资产管理业务", 15.0], ["分销业务", 9.0]], "ret_prev_year": 10.0, "ret_prev2_year": 7.5, "ret_ytd": -16.8, "ret_pivot": 20.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.8, "ret_60": 0.4, "ret_120": -20.7, "ret_250": -8.8, "mdd_250": -44.1, "vol_250": 50.4, "pos_52w": 67.9}, "S": {"duration": 100, "pricing": 35, "hard": 2, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -6.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 31%,有息负债 0 亿,经营现金流/市值 1.0%: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 1%,毛利率近 5 年中位 9.5%。", "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 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.5%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -2.4 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 1%,资本开支/折旧 0.44 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 -44%,年化波动 50%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 12% / 0% / -21%。", "行业对照": ["同申万二级「房地产服务」12 家中位:PE 38.0 / 股息率 1.8% / 毛利率 14.2% / 固定资产占比 2% / 分红率 37%。", "世联行:PE ;股息率 ;毛利率 比行业中位低 4.7个百分点;固定资产占比 比行业中位低 1.1个百分点。"]}}