{"F": {"ts_code": "600708.SH", "name": "光明地产", "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": "19960606", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.04, "pe_ttm": null, "pb": 1.1798, "dv_ttm": null, "total_mv": 677505.5872, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 17.2, 18.4, 17.6, 7.7, 7.0], "rev_series": [149.8, 258.8, 165.4, 86.0, 55.5, 44.8], "np_series": [1.1, 0.7, 0.5, 0.3, -9.5, -36.5], "roe_series": [0.8, 0.5, 0.4, 0.3, -9.2, -45.6], "period": "20260630", "rev_ttm": 33.0, "np_ttm": -37.1, "ocf_ttm": 3.7, "fcf_ttm": 3.7, "fcf_yield": 5.4, "ocf_yield": 5.5, "gm_median": 17.2, "gm_std": 5.1, "gm_stab": 0.7, "gm_chg_2022": -0.8, "npm_median": 1.0, "roe_median": 0.3, "commodity": false, "hard_ratio": 1.2, "fix_assets": 6.4, "goodwill_ratio": 0.0, "pb_calc": 1.18, "capex_dep": 0.09, "interest_debt": 238.5, "debt_ebitda": null, "debt_ratio": 88.2, "debt_mv": 352.0, "payout": 32.9, "div_years": 3, "rev_cagr3": -35.3, "np_cagr3": null, "rev_yoy": -41.8, "np_yoy": -14.5, "np_vol": 1127.3, "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", 35.0], ["房地产开发及配套", 30.0], ["房地产开发", 30.0], ["物业及租赁", 4.0]], "ret_prev_year": 4.6, "ret_prev2_year": 73.4, "ret_ytd": -21.9, "ret_pivot": 61.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": 6.7, "ret_120": -23.2, "ret_250": -18.5, "mdd_250": -36.4, "vol_250": 47.2, "pos_52w": 67.9}, "S": {"duration": 100, "pricing": 40, "hard": 2, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -37.1 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 88%,有息负债 238 亿,经营现金流/市值 5.5%: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 17.2%。", "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 5.4%(经营现金流/市值 5.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.2%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -0.8 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 0.09 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 -36%,年化波动 47%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -5% / 7% / -23%。", "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%。", "光明地产:PE ;股息率 ;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}