{"F": {"ts_code": "300424.SZ", "name": "航新科技", "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": "创业板", "list_date": "20150422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.86, "pe_ttm": null, "pb": 4.9294, "dv_ttm": null, "total_mv": 355682.1114, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.5, 32.4, 29.2, 30.0, 27.7, 28.5], "rev_series": [12.2, 11.6, 14.0, 15.8, 17.0, 17.6], "np_series": [-3.3, 0.3, 0.3, 0.2, -1.0, -0.5], "roe_series": [-38.0, 3.6, 3.6, 3.1, -12.4, -6.1], "period": "20260630", "rev_ttm": 16.9, "np_ttm": -0.8, "ocf_ttm": 2.7, "fcf_ttm": 2.0, "fcf_yield": 5.8, "ocf_yield": 7.5, "gm_median": 29.2, "gm_std": 1.6, "gm_stab": 0.94, "gm_chg_2022": 5.7, "npm_median": 1.9, "roe_median": 3.1, "commodity": false, "hard_ratio": 14.8, "fix_assets": 3.7, "goodwill_ratio": 1.5, "pb_calc": 4.8, "capex_dep": 1.0, "interest_debt": 9.1, "debt_ebitda": 11.0, "debt_ratio": 68.7, "debt_mv": 25.5, "payout": 10.0, "div_years": 3, "rev_cagr3": 7.9, "np_cagr3": null, "rev_yoy": -7.3, "np_yoy": -201.3, "np_vol": 218.2, "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": [["产品", 50.0], ["航空维修及服务", 49.0], ["设备研制及保障", 1.0], ["其他业务", 0.0]], "ret_prev_year": 1.4, "ret_prev2_year": 38.0, "ret_ytd": -24.3, "ret_pivot": 24.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.5, "ret_60": -25.0, "ret_120": -22.0, "ret_250": -20.9, "mdd_250": -44.8, "vol_250": 49.2, "pos_52w": 62.4}, "S": {"duration": 100, "pricing": 59, "hard": 24, "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 -0.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 69%,有息负债 9 亿,经营现金流/市值 7.5%: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 15%,毛利率近 5 年中位 29.2%。", "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 5.8%(经营现金流/市值 7.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 5.7 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 15%,资本开支/折旧 1.00 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 -21%,最大回撤 -45%,年化波动 49%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -2% / -25% / -22%。", "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%。", "航新科技:PE ;股息率 ;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位低 5.8个百分点。"]}}