{"F": {"ts_code": "600773.SH", "name": "西藏城投", "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": "19961108", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.74, "pe_ttm": null, "pb": 2.431, "dv_ttm": null, "total_mv": 1022004.3306, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.1, 29.8, 31.5, 33.6, 17.3, 20.0], "rev_series": [18.6, 25.1, 24.6, 24.0, 11.8, 9.2], "np_series": [1.1, 1.2, 1.2, 0.6, 0.1, -5.5], "roe_series": [3.1, 3.3, 3.1, 1.6, 0.3, -12.1], "period": "20260630", "rev_ttm": 4.0, "np_ttm": -5.6, "ocf_ttm": -3.0, "fcf_ttm": -3.0, "fcf_yield": -2.9, "ocf_yield": -2.9, "gm_median": 29.8, "gm_std": 6.5, "gm_stab": 0.78, "gm_chg_2022": -2.6, "npm_median": -0.2, "roe_median": 1.6, "commodity": false, "hard_ratio": 25.6, "fix_assets": 26.9, "goodwill_ratio": 0.0, "pb_calc": 2.43, "capex_dep": 0.03, "interest_debt": 30.5, "debt_ebitda": null, "debt_ratio": 63.7, "debt_mv": 29.8, "payout": 56.2, "div_years": 4, "rev_cagr3": -28.0, "np_cagr3": null, "rev_yoy": -70.3, "np_yoy": -7.3, "np_vol": 1789.8, "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", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 15.0, "ret_prev2_year": -1.6, "ret_ytd": -13.3, "ret_pivot": -1.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.4, "ret_60": -26.9, "ret_120": -41.2, "ret_250": -4.0, "mdd_250": -64.5, "vol_250": 52.7, "pos_52w": 38.2}, "S": {"duration": 100, "pricing": 48, "hard": 41, "bondness": 43}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -5.6 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 64%,有息负债 30 亿,经营现金流/市值 -2.9%: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 26%,毛利率近 5 年中位 29.8%。", "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 -2.9%(经营现金流/市值 -2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.8%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -2.6 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 26%,资本开支/折旧 0.03 倍。有一些。"], ["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 -4%,最大回撤 -64%,年化波动 53%,现价在 52 周高点的 38%;近 20 / 60 / 120 日 -4% / -27% / -41%。", "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%。", "西藏城投:PE ;股息率 ;毛利率 比行业中位高 8.7个百分点;固定资产占比 比行业中位高 23.6个百分点。"]}}