{"F": {"ts_code": "600340.SH", "name": "*ST华幸", "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": "20031230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.08, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 420482.3508, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.2, 8.7, 16.2, 22.9, 37.5, -1.5], "rev_series": [1012.1, 431.8, 319.4, 359.1, 237.7, 86.0], "np_series": [36.7, -390.3, 15.8, -60.3, -48.2, -228.6], "roe_series": [6.5, -114.3, 20.2, -72.9, -85.6, null], "period": "20260630", "rev_ttm": 73.6, "np_ttm": -207.2, "ocf_ttm": -13.1, "fcf_ttm": -13.1, "fcf_yield": -31.2, "ocf_yield": -31.1, "gm_median": 16.2, "gm_std": 13.2, "gm_stab": 0.19, "gm_chg_2022": -21.0, "npm_median": -23.3, "roe_median": -79.3, "commodity": false, "hard_ratio": 2.4, "fix_assets": 61.8, "goodwill_ratio": 0.0, "pb_calc": null, "capex_dep": 0.02, "interest_debt": 1386.0, "debt_ebitda": null, "debt_ratio": 103.8, "debt_mv": 3296.3, "payout": null, "div_years": 0, "rev_cagr3": -35.4, "np_cagr3": null, "rev_yoy": -42.9, "np_yoy": 31.3, "np_vol": 451.7, "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", 35.0], ["服务业务", 22.0], ["服务业务：物业管理服务", 14.0], ["服务业务：产业招租服务", 8.0]], "ret_prev_year": -18.6, "ret_prev2_year": 54.6, "ret_ytd": -50.7, "ret_pivot": 1.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.0, "ret_60": -16.3, "ret_120": -30.3, "ret_250": -53.0, "mdd_250": -69.8, "vol_250": 56.5, "pos_52w": 31.4}, "S": {"duration": 100, "pricing": 18, "hard": 4, "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 -207.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 104%,有息负债 1386 亿,经营现金流/市值 -31.1%: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 2%,毛利率近 5 年中位 16.2%。", "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 -31.2%(经营现金流/市值 -31.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.2%,稳定度 19%,2020→2022 成本通胀期毛利率变化 -21.0 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 2%,资本开支/折旧 0.02 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 -53%,最大回撤 -70%,年化波动 56%,现价在 52 周高点的 31%;近 20 / 60 / 120 日 0% / -16% / -30%。", "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华幸:PE ;股息率 ;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}