{"F": {"ts_code": "600665.SH", "name": "天地源", "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": "19930709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.65, "pe_ttm": null, "pb": 3.0245, "dv_ttm": null, "total_mv": 315404.7125, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.0, 22.7, 24.8, 12.5, 13.6, 10.9], "rev_series": [53.0, 69.4, 105.5, 115.3, 107.4, 61.0], "np_series": [3.3, 3.8, 3.4, -3.9, -10.2, -13.0], "roe_series": [8.6, 9.3, 8.0, -9.4, -30.1, -58.5], "period": "20260630", "rev_ttm": 52.6, "np_ttm": -17.1, "ocf_ttm": 7.0, "fcf_ttm": 7.0, "fcf_yield": 22.2, "ocf_yield": 22.3, "gm_median": 13.6, "gm_std": 5.7, "gm_stab": 0.58, "gm_chg_2022": 4.8, "npm_median": -2.6, "roe_median": -9.4, "commodity": false, "hard_ratio": 1.1, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 3.02, "capex_dep": 0.02, "interest_debt": 107.9, "debt_ebitda": null, "debt_ratio": 91.3, "debt_mv": 342.1, "payout": null, "div_years": 2, "rev_cagr3": -16.7, "np_cagr3": null, "rev_yoy": -33.8, "np_yoy": -327.5, "np_vol": 90.9, "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", 50.0], ["其他主营业务", 0.0], ["其他", 0.0]], "ret_prev_year": 4.8, "ret_prev2_year": -17.2, "ret_ytd": 11.3, "ret_pivot": 39.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.3, "ret_60": -10.3, "ret_120": 3.7, "ret_250": 4.6, "mdd_250": -34.4, "vol_250": 42.7, "pos_52w": 89.7}, "S": {"duration": 100, "pricing": 38, "hard": 2, "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 -17.1 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 91%,有息负债 108 亿,经营现金流/市值 22.3%: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 1%,毛利率近 5 年中位 13.6%。", "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 22.2%(经营现金流/市值 22.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.6%,稳定度 58%,2020→2022 成本通胀期毛利率变化 4.8 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 1%,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 5%,最大回撤 -34%,年化波动 43%,现价在 52 周高点的 90%;近 20 / 60 / 120 日 10% / -10% / 4%。", "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%。", "天地源:PE ;股息率 ;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位低 0.9个百分点。"]}}