{"F": {"ts_code": "002190.SZ", "name": "成飞集成", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "其他汽车零部件", "ind": "汽车零部件", "fin_source": "tushare", "market": "主板", "list_date": "20071203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.77, "pe_ttm": null, "pb": 2.6427, "dv_ttm": null, "total_mv": 924445.4061, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.3, 18.0, 13.4, 11.0, 9.7, 8.0], "rev_series": [9.8, 12.7, 15.2, 20.8, 23.7, 23.1], "np_series": [1.2, 0.6, 0.6, 0.1, -0.8, -0.4], "roe_series": [4.7, 1.4, 1.3, 0.4, -2.5, -1.4], "period": "20260630", "rev_ttm": 24.2, "np_ttm": -0.9, "ocf_ttm": 0.9, "fcf_ttm": -0.2, "fcf_yield": -0.2, "ocf_yield": 1.0, "gm_median": 11.0, "gm_std": 3.5, "gm_stab": 0.68, "gm_chg_2022": -2.9, "npm_median": 3.2, "roe_median": 0.4, "commodity": false, "hard_ratio": 14.0, "fix_assets": 8.7, "goodwill_ratio": 0.0, "pb_calc": 2.64, "capex_dep": 1.04, "interest_debt": 6.2, "debt_ebitda": 5.0, "debt_ratio": 38.7, "debt_mv": 6.7, "payout": 31.8, "div_years": 3, "rev_cagr3": 14.8, "np_cagr3": null, "rev_yoy": 10.8, "np_yoy": -294.8, "np_vol": 257.1, "loss_years": 2, "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": [["工装模具及汽车零部件收入", 49.0], ["工装模具及汽车零部件", 49.0], ["航空零部件收入", 1.0], ["其他零星收入", 1.0]], "ret_prev_year": 91.7, "ret_prev2_year": 2.0, "ret_ytd": -30.5, "ret_pivot": 84.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.1, "ret_60": 4.7, "ret_120": -25.6, "ret_250": -52.0, "mdd_250": -62.5, "vol_250": 47.6, "pos_52w": 46.0}, "S": {"duration": 100, "pricing": 35, "hard": 22, "bondness": 31}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 39%,有息负债 6 亿,经营现金流/市值 1.0%: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 14%,毛利率近 5 年中位 11.0%。", "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 -0.2%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.0%,稳定度 68%,2020→2022 成本通胀期毛利率变化 -2.9 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 14%,资本开支/折旧 1.04 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 -52%,最大回撤 -62%,年化波动 48%,现价在 52 周高点的 46%;近 20 / 60 / 120 日 11% / 5% / -26%。", "行业对照": ["同申万二级「汽车零部件」274 家中位:PE 30.2 / 股息率 1.1% / 毛利率 21.4% / 固定资产占比 26% / 分红率 35%。", "成飞集成:PE ;股息率 ;毛利率 比行业中位低 10.4个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}