{"F": {"ts_code": "600675.SH", "name": "中华企业", "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": "19930924", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.32, "pe_ttm": null, "pb": 0.9942, "dv_ttm": 0.2543, "total_mv": 1402703.3896, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.7, 48.5, 28.4, 30.2, 32.5, 28.1], "rev_series": [115.5, 96.0, 26.0, 131.9, 69.6, 105.6], "np_series": [13.8, 8.1, 0.2, 5.6, -3.2, 1.2], "roe_series": [8.9, 5.2, 0.1, 3.7, -2.2, 0.8], "period": "20260630", "rev_ttm": 77.0, "np_ttm": -7.0, "ocf_ttm": -20.5, "fcf_ttm": -20.7, "fcf_yield": -14.8, "ocf_yield": -14.6, "gm_median": 30.2, "gm_std": 7.7, "gm_stab": 0.75, "gm_chg_2022": -14.3, "npm_median": 4.1, "roe_median": 0.8, "commodity": false, "hard_ratio": 1.7, "fix_assets": 8.7, "goodwill_ratio": 0.0, "pb_calc": 0.99, "capex_dep": 0.05, "interest_debt": 255.8, "debt_ebitda": 29.2, "debt_ratio": 65.2, "debt_mv": 182.3, "payout": 30.3, "div_years": 4, "rev_cagr3": 59.5, "np_cagr3": 72.6, "rev_yoy": -42.9, "np_yoy": -157.4, "np_vol": 455.9, "loss_years": 1, "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", 49.0], ["开发产品", 38.0], ["劳务收入", 6.0], ["租赁", 4.0]], "ret_prev_year": -3.6, "ret_prev2_year": -10.0, "ret_ytd": -14.2, "ret_pivot": -12.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.0, "ret_60": -1.4, "ret_120": -16.7, "ret_250": -24.8, "mdd_250": -36.5, "vol_250": 30.3, "pos_52w": 71.7}, "S": {"duration": 100, "pricing": 45, "hard": 3, "bondness": 27}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -7.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 65%,有息负债 256 亿,经营现金流/市值 -14.6%: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 2%,毛利率近 5 年中位 30.2%。", "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 -14.8%(经营现金流/市值 -14.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.2%,稳定度 75%,2020→2022 成本通胀期毛利率变化 -14.3 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 0.05 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 -25%,最大回撤 -36%,年化波动 30%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 5% / -1% / -17%。", "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%。", "中华企业:PE ;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位高 9.1个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}