{"F": {"ts_code": "600606.SH", "name": "绿地控股", "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": "19920327", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.34, "pe_ttm": null, "pb": 0.4897, "dv_ttm": null, "total_mv": 1883265.2522, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.4, 11.7, 10.5, 11.1, 9.1, 4.2], "rev_series": [4557.5, 5442.9, 4355.2, 3602.5, 2406.4, 1800.9], "np_series": [150.0, 61.8, 10.1, -95.6, -155.5, -262.1], "roe_series": [18.3, 7.1, 1.1, -11.2, -21.5, -51.3], "period": "20260630", "rev_ttm": 1523.1, "np_ttm": -230.1, "ocf_ttm": 63.6, "fcf_ttm": 64.0, "fcf_yield": 34.0, "ocf_yield": 33.8, "gm_median": 10.5, "gm_std": 2.7, "gm_stab": 0.74, "gm_chg_2022": -3.9, "npm_median": -3.1, "roe_median": -11.2, "commodity": false, "hard_ratio": 3.6, "fix_assets": 377.9, "goodwill_ratio": 0.2, "pb_calc": 0.49, "capex_dep": -0.02, "interest_debt": 2154.1, "debt_ebitda": null, "debt_ratio": 92.0, "debt_mv": 1143.8, "payout": null, "div_years": 0, "rev_cagr3": -25.5, "np_cagr3": null, "rev_yoy": -29.4, "np_yoy": 91.4, "np_vol": 384.3, "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], ["建筑及相关产业", 26.0], ["房地产及相关产业", 15.0], ["其他收入", 10.0]], "ret_prev_year": -21.0, "ret_prev2_year": -8.7, "ret_ytd": -19.3, "ret_pivot": -8.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": -1.5, "ret_120": -18.3, "ret_250": -34.0, "mdd_250": -41.0, "vol_250": 32.5, "pos_52w": 65.4}, "S": {"duration": 100, "pricing": 36, "hard": 6, "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 -230.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 92%,有息负债 2154 亿,经营现金流/市值 33.8%: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 4%,毛利率近 5 年中位 10.5%。", "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 34.0%(经营现金流/市值 33.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.5%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -3.9 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 4%,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 -34%,最大回撤 -41%,年化波动 32%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 5% / -2% / -18%。", "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%。", "绿地控股:PE ;股息率 ;毛利率 比行业中位低 10.6个百分点;固定资产占比 比行业中位高 1.6个百分点。"]}}