{"F": {"ts_code": "600322.SH", "name": "津投城开", "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": "20010910", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.74, "pe_ttm": null, "pb": 39.7212, "dv_ttm": null, "total_mv": 302961.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.8, 19.2, 7.5, 5.5, 19.1, -13.8], "rev_series": [27.5, 46.7, 33.6, 30.5, 27.1, 9.7], "np_series": [-25.2, -18.4, -3.0, 0.4, -2.1, -13.6], "roe_series": [-74.1, -140.3, -86.5, 17.7, -169.1, -2934.9], "period": "20260630", "rev_ttm": 4.9, "np_ttm": -8.4, "ocf_ttm": 3.8, "fcf_ttm": 3.8, "fcf_yield": 12.7, "ocf_yield": 12.7, "gm_median": 7.5, "gm_std": 12.1, "gm_stab": -0.61, "gm_chg_2022": -8.3, "npm_median": -8.5, "roe_median": -140.3, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 39.72, "capex_dep": 0.0, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 63.5, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": -34.0, "np_cagr3": null, "rev_yoy": -91.3, "np_yoy": 100.1, "np_vol": 334.5, "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", 49.0], ["物业管理", 46.0], ["租赁", 3.0], ["出租", 3.0]], "ret_prev_year": -14.3, "ret_prev2_year": 26.5, "ret_ytd": 17.6, "ret_pivot": 90.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": -4.2, "ret_120": 16.6, "ret_250": -5.5, "mdd_250": -33.3, "vol_250": 48.0, "pos_52w": 83.0}, "S": {"duration": 100, "pricing": 8, "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 -8.4 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 64%,有息负债 0 亿,经营现金流/市值 12.7%: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 7.5%。", "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 12.7%(经营现金流/市值 12.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 7.5%,稳定度 -61%,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 0%。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 -6%,最大回撤 -33%,年化波动 48%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 4% / -4% / 17%。", "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%。", "津投城开: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 1.9个百分点。"]}}