{"F": {"ts_code": "600791.SH", "name": "京能置业", "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": "19970130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.28, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 329696.64, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.9, 28.3, 12.6, 7.3, 18.2, 15.9], "rev_series": [3.1, 21.3, 61.8, 45.4, 54.6, 22.4], "np_series": [-0.7, 0.1, 0.2, -4.1, -1.1, -11.7], "roe_series": [-3.1, 0.2, 0.6, -15.6, -9.6, -108.0], "period": "20260630", "rev_ttm": 21.2, "np_ttm": -11.2, "ocf_ttm": 1.3, "fcf_ttm": 1.3, "fcf_yield": 4.0, "ocf_yield": 4.0, "gm_median": 15.9, "gm_std": 7.0, "gm_stab": 0.56, "gm_chg_2022": -41.3, "npm_median": -3.0, "roe_median": -9.6, "commodity": false, "hard_ratio": 0.1, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 2.53, "capex_dep": 0.29, "interest_debt": 70.5, "debt_ebitda": null, "debt_ratio": 84.6, "debt_mv": 213.8, "payout": null, "div_years": 2, "rev_cagr3": -28.7, "np_cagr3": null, "rev_yoy": -17.1, "np_yoy": 23.3, "np_vol": 1032.1, "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": [["产品", 34.0], ["住宅销售收入", 30.0], ["住宅", 30.0], ["投资性房地产-车库转让收入", 2.0]], "ret_prev_year": 14.1, "ret_prev2_year": -15.6, "ret_ytd": 55.6, "ret_pivot": 96.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": -46.0, "ret_120": -13.7, "ret_250": 46.2, "mdd_250": -63.9, "vol_250": 63.7, "pos_52w": 44.3}, "S": {"duration": 100, "pricing": 31, "hard": 0, "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 -11.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 85%,有息负债 70 亿,经营现金流/市值 4.0%: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 0%,毛利率近 5 年中位 15.9%。", "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 4.0%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.9%,稳定度 56%,2020→2022 成本通胀期毛利率变化 -41.3 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 0%,资本开支/折旧 0.29 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 46%,最大回撤 -64%,年化波动 64%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 0% / -46% / -14%。", "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%。", "京能置业:PE ;股息率 ;毛利率 比行业中位低 5.2个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}