{"F": {"ts_code": "HK.00978", "name": "招商局置地", "mkt": "HK", "ccy": "港元", "sw1": "地产发展商", "sw2": "地产发展商", "sw3": "", "ind": "地产发展商", "fin_source": "futu", "market": "主板", "list_date": "19971016", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.24, "pe_ttm": -0.465, "pb": 0.189, "dv_ttm": 0.0, "total_mv": 117726.18864000001, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [6.3], "rev_series": [291.9], "np_series": [-23.7], "roe_series": [-32.5], "rev_ttm": 291.9, "np_ttm": -24.6, "ocf_ttm": -26.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -222.3, "gm_median": 6.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -8.1, "roe_median": -32.5, "commodity": false, "hard_ratio": 0.3, "fix_assets": 4.2, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 1.3, "debt_ratio": 73.0, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 32.8, "np_yoy": -31.6, "np_vol": null, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -11.1, "ret_20": 0.0, "ret_60": -7.7, "ret_120": -11.1, "ret_250": -21.3, "mdd_250": null, "vol_250": null, "pos_52w": 76.2, "eps": -0.497}, "S": {"duration": 100, "pricing": 35, "hard": 0, "bondness": 13}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -24.6 亿;PE 为负,估值指标失真。", "资产负债率 73%,有息负债 —,经营现金流/市值 -222.3%: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%,毛利率最新年报 6.3%。", "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?", "经营现金流/市值 -222.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 6.3%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 0%。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 -21%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 0% / -8% / -11%。", "行业对照": ["同富途行业「地产发展商」133 家中位:PE 9.8 / 股息率 0.0% / 毛利率 9.2% / 固定资产占比 1% / 分红率 30%。", "招商局置地:PE 比行业中位低 10.3倍;股息率 与行业中位持平;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}