{"F": {"ts_code": "600533.SH", "name": "栖霞建设", "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": "20020328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.25, "pe_ttm": null, "pb": 3.3164, "dv_ttm": null, "total_mv": 236250.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.5, 34.1, 17.8, 15.4, 19.9, 18.8], "rev_series": [32.9, 31.9, 69.1, 47.7, 21.2, 49.3], "np_series": [3.3, 3.7, 1.9, -1.3, -9.4, -18.4], "roe_series": [8.0, 8.6, 4.2, -3.1, -25.4, -79.8], "period": "20260630", "rev_ttm": 18.7, "np_ttm": -25.4, "ocf_ttm": -0.8, "fcf_ttm": -1.0, "fcf_yield": -4.1, "ocf_yield": -3.6, "gm_median": 18.8, "gm_std": 6.6, "gm_stab": 0.65, "gm_chg_2022": -13.7, "npm_median": -2.0, "roe_median": -3.1, "commodity": false, "hard_ratio": 0.3, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 3.32, "capex_dep": 1.55, "interest_debt": 103.6, "debt_ebitda": null, "debt_ratio": 95.1, "debt_mv": 438.3, "payout": null, "div_years": 2, "rev_cagr3": -10.7, "np_cagr3": null, "rev_yoy": -79.7, "np_yoy": -1048.0, "np_vol": 217.4, "loss_years": 3, "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], ["房地产开发", 40.0], ["物业经营管理", 7.0], ["其他", 2.0]], "ret_prev_year": 9.4, "ret_prev2_year": -20.1, "ret_ytd": -12.1, "ret_pivot": 19.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": 3.2, "ret_120": -16.4, "ret_250": -20.2, "mdd_250": -38.9, "vol_250": 35.2, "pos_52w": 73.5}, "S": {"duration": 100, "pricing": 36, "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 -25.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 95%,有息负债 104 亿,经营现金流/市值 -3.6%: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 18.8%。", "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 -4.1%(经营现金流/市值 -3.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.8%,稳定度 65%,2020→2022 成本通胀期毛利率变化 -13.7 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%,资本开支/折旧 1.55 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 -20%,最大回撤 -39%,年化波动 35%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 4% / 3% / -16%。", "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%。", "栖霞建设:PE ;股息率 ;毛利率 比行业中位低 2.3个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}