{"F": {"ts_code": "600082.SH", "name": "ST海泰", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "产业地产", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "19970620", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.99, "pe_ttm": null, "pb": 1.1544, "dv_ttm": null, "total_mv": 193188.6242, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.0, 16.7, 38.1, 27.4, 48.8, 20.9], "rev_series": [4.6, 9.1, 2.7, 4.6, 3.4, 4.5], "np_series": [0.3, 0.1, 0.1, 0.1, 0.1, -0.7], "roe_series": [1.9, 0.4, 0.5, 0.7, 0.5, -4.2], "period": "20260630", "rev_ttm": 4.5, "np_ttm": -0.7, "ocf_ttm": 6.5, "fcf_ttm": 6.5, "fcf_yield": 33.7, "ocf_yield": 33.7, "gm_median": 27.4, "gm_std": 11.7, "gm_stab": 0.57, "gm_chg_2022": 29.1, "npm_median": 2.8, "roe_median": 0.5, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 1.15, "capex_dep": 0.01, "interest_debt": 5.9, "debt_ebitda": 24.3, "debt_ratio": 33.5, "debt_mv": 30.8, "payout": 30.6, "div_years": 1, "rev_cagr3": 18.9, "np_cagr3": null, "rev_yoy": 2.1, "np_yoy": 1.8, "np_vol": 339.8, "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", 33.0], ["租赁收入", 33.0], ["房产租赁收入", 33.0], ["服务收入", 0.0]], "ret_prev_year": 48.2, "ret_prev2_year": -20.4, "ret_ytd": -26.4, "ret_pivot": 24.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": -0.7, "ret_120": -21.9, "ret_250": -24.9, "mdd_250": -53.9, "vol_250": 45.2, "pos_52w": 55.6}, "S": {"duration": 100, "pricing": 45, "hard": 0, "bondness": 27}, "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 34%,有息负债 6 亿,经营现金流/市值 33.7%: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 27.4%。", "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 33.7%(经营现金流/市值 33.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.4%,稳定度 57%,2020→2022 成本通胀期毛利率变化 29.1 个百分点。取决于竞争。"], ["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 -25%,最大回撤 -54%,年化波动 45%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 6% / -1% / -22%。", "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海泰:PE ;股息率 ;毛利率 比行业中位高 6.3个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}