{"F": {"ts_code": "002305.SZ", "name": "*ST南置", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "商业地产", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "20091106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.1, "pe_ttm": null, "pb": 14.4589, "dv_ttm": null, "total_mv": 364185.318, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-4.0, -15.5, 6.9, -55.0, -16.7, -38.5], "rev_series": [40.2, 32.7, 98.2, 10.6, 29.7, 11.2], "np_series": [0.2, -11.2, -8.7, -16.9, -22.4, -18.0], "roe_series": [0.5, -32.0, -34.4, -131.1, null, null], "period": "20260630", "rev_ttm": 4.3, "np_ttm": -8.9, "ocf_ttm": 2.0, "fcf_ttm": 2.0, "fcf_yield": 5.4, "ocf_yield": 5.4, "gm_median": -16.7, "gm_std": 21.2, "gm_stab": 2.27, "gm_chg_2022": 10.9, "npm_median": -79.4, "roe_median": -34.4, "commodity": false, "hard_ratio": 0.3, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 14.46, "capex_dep": 0.01, "interest_debt": 3.1, "debt_ebitda": null, "debt_ratio": 68.0, "debt_mv": 8.4, "payout": null, "div_years": 0, "rev_cagr3": -51.5, "np_cagr3": null, "rev_yoy": -84.5, "np_yoy": 101.9, "np_vol": 2217.1, "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", 33.0], ["物业管理费", 18.0], ["物业管理服务", 18.0], ["运营管理服务", 16.0]], "ret_prev_year": 12.1, "ret_prev2_year": -3.4, "ret_ytd": -5.8, "ret_pivot": 28.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.9, "ret_60": -1.4, "ret_120": -2.8, "ret_250": -40.2, "mdd_250": -48.0, "vol_250": 43.5, "pos_52w": 63.1}, "S": {"duration": 100, "pricing": 46, "hard": 0, "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 -8.9 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 68%,有息负债 3 亿,经营现金流/市值 5.4%: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 0%,毛利率近 5 年中位 -16.7%。", "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 5.4%(经营现金流/市值 5.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -16.7%,稳定度 227%,2020→2022 成本通胀期毛利率变化 10.9 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 0%,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 -40%,最大回撤 -48%,年化波动 44%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -1% / -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%。", "*ST南置:PE ;股息率 ;毛利率 比行业中位低 37.8个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}