{"F": {"ts_code": "603887.SH", "name": "城地香江", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "IT服务Ⅱ", "sw3": "IT服务Ⅲ", "ind": "IT服务Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20161010", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.65, "pe_ttm": null, "pb": 1.6509, "dv_ttm": null, "total_mv": 580958.371, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.0, 23.1, 23.6, 17.1, 20.6, 17.0], "rev_series": [39.3, 29.1, 26.8, 24.3, 16.2, 38.6], "np_series": [3.9, -6.1, 0.0, -6.6, -3.4, -0.7], "roe_series": [10.7, -16.2, 0.1, -21.2, -10.9, -1.9], "period": "20260630", "rev_ttm": 40.5, "np_ttm": -1.1, "ocf_ttm": 8.0, "fcf_ttm": 4.4, "fcf_yield": 7.5, "ocf_yield": 13.7, "gm_median": 20.6, "gm_std": 2.8, "gm_stab": 0.86, "gm_chg_2022": -0.5, "npm_median": -20.8, "roe_median": -10.9, "commodity": false, "hard_ratio": 26.7, "fix_assets": 33.9, "goodwill_ratio": 2.7, "pb_calc": 1.65, "capex_dep": 1.18, "interest_debt": 37.2, "debt_ebitda": 7.1, "debt_ratio": 72.2, "debt_mv": 64.1, "payout": null, "div_years": 0, "rev_cagr3": 12.9, "np_cagr3": null, "rev_yoy": 14.6, "np_yoy": -117.3, "np_vol": 23879.1, "loss_years": 4, "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": [["IDC分部", 44.0], ["IDC业务", 33.0], ["产品", 33.0], ["其他业务", -0.0]], "ret_prev_year": -15.1, "ret_prev2_year": 98.0, "ret_ytd": -28.6, "ret_pivot": 58.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.0, "ret_60": -7.7, "ret_120": -42.2, "ret_250": -48.6, "mdd_250": -57.1, "vol_250": 50.4, "pos_52w": 50.5}, "S": {"duration": 100, "pricing": 48, "hard": 43, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.1 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 72%,有息负债 37 亿,经营现金流/市值 13.7%: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 27%,毛利率近 5 年中位 20.6%。", "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 7.5%(经营现金流/市值 13.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.6%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -0.5 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 27%,资本开支/折旧 1.18 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 -49%,最大回撤 -57%,年化波动 50%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 3% / -8% / -42%。", "行业对照": ["同申万二级「IT服务Ⅱ」134 家中位:PE 84.0 / 股息率 0.4% / 毛利率 28.1% / 固定资产占比 9% / 分红率 35%。", "城地香江:PE ;股息率 ;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位高 18.1个百分点。"]}}