{"F": {"ts_code": "000697.SZ", "name": "炼石航空", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "航空装备Ⅱ", "sw3": "航空装备Ⅲ", "ind": "航空装备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19970325", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.17, "pe_ttm": null, "pb": 3.9354, "dv_ttm": null, "total_mv": 1280212.9711, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [9.2, 8.5, 9.6, 11.2, 11.1, 8.9], "rev_series": [11.3, 9.9, 12.4, 15.2, 17.5, 18.7], "np_series": [-4.8, -5.5, -8.0, -2.6, -2.6, -5.2], "roe_series": [-37.5, -76.1, -4300.5, -1422.6, -99.1, -30.1], "period": "20260630", "rev_ttm": 20.9, "np_ttm": -4.7, "ocf_ttm": 0.6, "fcf_ttm": -0.6, "fcf_yield": -0.5, "ocf_yield": 0.5, "gm_median": 9.6, "gm_std": 1.1, "gm_stab": 0.88, "gm_chg_2022": 0.4, "npm_median": -27.7, "roe_median": -99.1, "commodity": false, "hard_ratio": 22.5, "fix_assets": 10.1, "goodwill_ratio": 7.9, "pb_calc": 3.94, "capex_dep": 1.15, "interest_debt": 6.2, "debt_ebitda": 10.3, "debt_ratio": 27.5, "debt_mv": 4.8, "payout": null, "div_years": 0, "rev_cagr3": 14.9, "np_cagr3": null, "rev_yoy": 24.1, "np_yoy": 49.6, "np_vol": 54.2, "loss_years": 5, "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": [["商用航空部件", 82.0], ["其他航空部件", 18.0], ["其他业务", 0.0], ["其他", 0.0]], "ret_prev_year": 56.6, "ret_prev2_year": 39.7, "ret_ytd": 6.0, "ret_pivot": 161.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.5, "ret_60": -16.1, "ret_120": -15.1, "ret_250": 62.7, "mdd_250": -40.8, "vol_250": 70.2, "pos_52w": 70.2}, "S": {"duration": 100, "pricing": 43, "hard": 36, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 28%,有息负债 6 亿,经营现金流/市值 0.5%: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 22%,毛利率近 5 年中位 9.6%。", "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 -0.5%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.6%,稳定度 88%,2020→2022 成本通胀期毛利率变化 0.4 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 22%,资本开支/折旧 1.15 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 63%,最大回撤 -41%,年化波动 70%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 6% / -16% / -15%。", "行业对照": ["同申万二级「航空装备Ⅱ」48 家中位:PE 73.9 / 股息率 0.5% / 毛利率 32.0% / 固定资产占比 21% / 分红率 36%。", "炼石航空:PE ;股息率 ;毛利率 比行业中位低 22.4个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}