{"F": {"ts_code": "600463.SH", "name": "空港股份", "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": "20040318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.43, "pe_ttm": null, "pb": 2.9829, "dv_ttm": null, "total_mv": 252900.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.2, 12.5, 20.6, 11.6, 18.5, 16.0], "rev_series": [11.2, 10.1, 6.5, 5.2, 4.8, 5.5], "np_series": [0.1, -0.3, -0.3, -1.0, -1.0, -1.0], "roe_series": [0.7, -2.0, -2.7, -8.8, -9.3, -10.9], "period": "20260630", "rev_ttm": 6.6, "np_ttm": -0.8, "ocf_ttm": -0.1, "fcf_ttm": -0.1, "fcf_yield": -0.4, "ocf_yield": -0.3, "gm_median": 16.0, "gm_std": 3.4, "gm_stab": 0.78, "gm_chg_2022": 10.4, "npm_median": -23.5, "roe_median": -8.8, "commodity": false, "hard_ratio": 2.2, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 2.98, "capex_dep": 0.07, "interest_debt": 6.3, "debt_ebitda": 40.0, "debt_ratio": 70.1, "debt_mv": 24.9, "payout": null, "div_years": 0, "rev_cagr3": -5.5, "np_cagr3": null, "rev_yoy": 43.5, "np_yoy": 36.3, "np_vol": 161.8, "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", 42.0], ["建筑施工", 22.0], ["热力服务收入", 11.0], ["热力服务", 11.0]], "ret_prev_year": 14.0, "ret_prev2_year": 0.7, "ret_ytd": -25.5, "ret_pivot": -12.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.5, "ret_60": -6.1, "ret_120": -21.5, "ret_250": -30.8, "mdd_250": -43.2, "vol_250": 35.6, "pos_52w": 67.2}, "S": {"duration": 100, "pricing": 47, "hard": 4, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 70%,有息负债 6 亿,经营现金流/市值 -0.3%: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 16.0%。", "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 -0.4%(经营现金流/市值 -0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.0%,稳定度 78%,2020→2022 成本通胀期毛利率变化 10.4 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 0.07 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 -31%,最大回撤 -43%,年化波动 36%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 8% / -6% / -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%。", "空港股份:PE ;股息率 ;毛利率 比行业中位低 5.1个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}