{"F": {"ts_code": "600658.SH", "name": "电子城", "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": "19930524", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.17, "pe_ttm": null, "pb": 0.9397, "dv_ttm": null, "total_mv": 466449.945, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.3, 43.6, 35.7, 22.5, 35.7, 10.1], "rev_series": [37.7, 19.6, 51.5, 28.2, 21.1, 11.7], "np_series": [5.2, 0.3, 5.9, -1.8, -15.8, -18.5], "roe_series": [7.7, 0.5, 8.2, -2.4, -24.0, -37.1], "period": "20260630", "rev_ttm": 10.2, "np_ttm": -18.9, "ocf_ttm": 1.6, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 3.3, "gm_median": 35.7, "gm_std": 11.8, "gm_stab": 0.67, "gm_chg_2022": -8.6, "npm_median": -5.6, "roe_median": -2.4, "commodity": false, "hard_ratio": 2.2, "fix_assets": 3.6, "goodwill_ratio": 0.4, "pb_calc": 0.94, "capex_dep": 1.0, "interest_debt": 79.4, "debt_ebitda": null, "debt_ratio": 67.5, "debt_mv": 170.3, "payout": null, "div_years": 2, "rev_cagr3": -39.0, "np_cagr3": null, "rev_yoy": -25.7, "np_yoy": -27.2, "np_vol": 859.1, "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", 47.0], ["新型科技服务", 42.0], ["地产销售", 4.0], ["园区地产销售", 4.0]], "ret_prev_year": 25.3, "ret_prev2_year": -2.0, "ret_ytd": -24.0, "ret_pivot": 5.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.6, "ret_60": -3.7, "ret_120": -16.3, "ret_250": -41.3, "mdd_250": -47.5, "vol_250": 42.2, "pos_52w": 60.7}, "S": {"duration": 100, "pricing": 45, "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 -18.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 68%,有息负债 79 亿,经营现金流/市值 3.3%: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 35.7%。", "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 0.1%(经营现金流/市值 3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.7%,稳定度 67%,2020→2022 成本通胀期毛利率变化 -8.6 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 2%,资本开支/折旧 1.00 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 -41%,最大回撤 -48%,年化波动 42%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 6% / -4% / -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%。", "电子城:PE ;股息率 ;毛利率 比行业中位高 14.6个百分点;固定资产占比 比行业中位高 0.2个百分点。"]}}