{"F": {"ts_code": "600716.SH", "name": "凤凰股份", "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": "19960702", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.68, "pe_ttm": null, "pb": 0.8443, "dv_ttm": null, "total_mv": 344470.3008, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.5, 28.4, 26.4, 24.7, 13.6, 8.9], "rev_series": [8.9, 4.4, 6.1, 6.5, 8.5, 5.2], "np_series": [0.6, 0.4, -3.9, 0.1, -1.8, -3.9], "roe_series": [1.0, 0.6, -7.2, 0.1, -3.5, -8.1], "period": "20260630", "rev_ttm": 5.4, "np_ttm": -7.0, "ocf_ttm": 3.4, "fcf_ttm": 3.4, "fcf_yield": 9.8, "ocf_yield": 9.9, "gm_median": 24.7, "gm_std": 7.7, "gm_stab": 0.69, "gm_chg_2022": 2.9, "npm_median": -21.1, "roe_median": -3.5, "commodity": false, "hard_ratio": 2.1, "fix_assets": 1.2, "goodwill_ratio": 0.0, "pb_calc": 0.84, "capex_dep": 0.04, "interest_debt": 4.0, "debt_ebitda": null, "debt_ratio": 30.8, "debt_mv": 11.5, "payout": null, "div_years": 0, "rev_cagr3": -4.8, "np_cagr3": null, "rev_yoy": 4.2, "np_yoy": -2794.5, "np_vol": 966.1, "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": [["房地产开发收入", 33.0], ["房地产开发收入：镇江凤凰项目", 16.0], ["和润苑(镇江凤凰)", 16.0], ["紫金和旭府项目", 14.0]], "ret_prev_year": 2.4, "ret_prev2_year": 2.7, "ret_ytd": -4.9, "ret_pivot": 33.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": -1.3, "ret_120": -20.3, "ret_250": -8.5, "mdd_250": -38.1, "vol_250": 35.0, "pos_52w": 75.7}, "S": {"duration": 100, "pricing": 46, "hard": 3, "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 -7.0 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 31%,有息负债 4 亿,经营现金流/市值 9.9%: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 24.7%。", "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 9.8%(经营现金流/市值 9.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.7%,稳定度 69%,2020→2022 成本通胀期毛利率变化 2.9 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 0.04 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 -8%,最大回撤 -38%,年化波动 35%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 7% / -1% / -20%。", "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%。", "凤凰股份:PE ;股息率 ;毛利率 比行业中位高 3.6个百分点;固定资产占比 比行业中位高 0.1个百分点。"]}}