{"F": {"ts_code": "600657.SH", "name": "信达地产", "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": "19930524", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.5, "pe_ttm": null, "pb": 0.6816, "dv_ttm": null, "total_mv": 998157.51, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.0, 19.3, 25.2, 27.1, 30.3, 24.3], "rev_series": [258.6, 221.1, 182.5, 114.2, 80.3, 45.8], "np_series": [15.0, 8.2, 5.5, 5.1, -7.8, -78.8], "roe_series": [6.7, 3.5, 2.3, 2.1, -3.2, -39.6], "period": "20260630", "rev_ttm": 40.9, "np_ttm": -55.0, "ocf_ttm": 6.8, "fcf_ttm": 6.4, "fcf_yield": 6.4, "ocf_yield": 6.8, "gm_median": 25.2, "gm_std": 3.6, "gm_stab": 0.86, "gm_chg_2022": -4.8, "npm_median": 3.2, "roe_median": 2.1, "commodity": false, "hard_ratio": 0.8, "fix_assets": 5.9, "goodwill_ratio": 0.1, "pb_calc": 0.68, "capex_dep": 1.76, "interest_debt": 359.1, "debt_ebitda": null, "debt_ratio": 75.9, "debt_mv": 359.7, "payout": null, "div_years": 2, "rev_cagr3": -36.9, "np_cagr3": null, "rev_yoy": -27.8, "np_yoy": 64.2, "np_vol": 339.4, "loss_years": 2, "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], ["住宅", 30.0], ["其他业务", 11.0], ["车位及其他房地产产品", 3.0]], "ret_prev_year": -17.1, "ret_prev2_year": 15.9, "ret_ytd": 1.4, "ret_pivot": 7.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 36.2, "ret_60": 28.7, "ret_120": 7.7, "ret_250": -17.6, "mdd_250": -47.8, "vol_250": 37.5, "pos_52w": 79.7}, "S": {"duration": 100, "pricing": 47, "hard": 1, "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 -55.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 76%,有息负债 359 亿,经营现金流/市值 6.8%: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 1%,毛利率近 5 年中位 25.2%。", "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 6.4%(经营现金流/市值 6.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -4.8 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 1%,资本开支/折旧 1.76 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 -18%,最大回撤 -48%,年化波动 38%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 36% / 29% / 8%。", "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%。", "信达地产:PE ;股息率 ;毛利率 比行业中位高 4.1个百分点;固定资产占比 比行业中位低 1.2个百分点。"]}}