{"F": {"ts_code": "002717.SZ", "name": "*ST岭南", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "基础建设", "sw3": "园林工程", "ind": "基础建设", "fin_source": "tushare", "market": "主板", "list_date": "20140219", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.0, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 182023.36, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.6, 19.6, -14.9, 2.2, -1.2, -140.5], "rev_series": [66.5, 48.0, 25.7, 21.3, 8.6, 1.1], "np_series": [-4.6, 0.5, -15.5, -10.9, -9.8, -23.4], "roe_series": [-9.9, 2.4, -37.7, -39.9, -61.7, null], "period": "20260630", "rev_ttm": -0.1, "np_ttm": -24.9, "ocf_ttm": 1.8, "fcf_ttm": 1.7, "fcf_yield": 9.5, "ocf_yield": 10.1, "gm_median": -1.2, "gm_std": 57.9, "gm_stab": 49.21, "gm_chg_2022": -29.5, "npm_median": -61.7, "roe_median": -38.8, "commodity": false, "hard_ratio": 0.9, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 1.23, "interest_debt": 22.7, "debt_ebitda": null, "debt_ratio": 114.5, "debt_mv": 125.0, "payout": null, "div_years": 0, "rev_cagr3": -64.8, "np_cagr3": null, "rev_yoy": -67.4, "np_yoy": -121.4, "np_vol": 606.7, "loss_years": 4, "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", 50.0], ["生态环境建设与修复业务", 26.0], ["水务水环境治理业务", 24.0]], "ret_prev_year": -49.8, "ret_prev2_year": -0.0, "ret_ytd": -38.3, "ret_pivot": -45.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.9, "ret_60": -17.4, "ret_120": -42.5, "ret_250": -42.2, "mdd_250": -56.1, "vol_250": 46.5, "pos_52w": 48.8}, "S": {"duration": 100, "pricing": 39, "hard": 1, "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 -24.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 114%,有息负债 23 亿,经营现金流/市值 10.1%: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 1%,毛利率近 5 年中位 -1.2%。", "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 9.5%(经营现金流/市值 10.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 -1.2%,稳定度 4921%,2020→2022 成本通胀期毛利率变化 -29.5 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 1.23 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 -42%,最大回撤 -56%,年化波动 46%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -3% / -17% / -42%。", "行业对照": ["同申万二级「基础建设」40 家中位:PE 11.7 / 股息率 2.3% / 毛利率 12.4% / 固定资产占比 3% / 分红率 28%。", "*ST岭南:PE ;股息率 ;毛利率 比行业中位低 13.6个百分点;固定资产占比 比行业中位低 2.1个百分点。"]}}