{"F": {"ts_code": "300446.SZ", "name": "航天智造", "mkt": "CN", "ccy": "元", "sw1": "汽车", "sw2": "汽车零部件", "sw3": "车身附件及饰件", "ind": "汽车零部件", "fin_source": "tushare", "market": "创业板", "list_date": "20150423", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.1, "pe_ttm": 15.1197, "pb": 1.8811, "dv_ttm": 2.4427, "total_mv": 1107487.362, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.5, 42.2, 38.8, 23.3, 22.5, 20.8], "rev_series": [1.3, 1.5, 1.7, 58.6, 77.8, 90.0], "np_series": [-0.3, 0.0, 0.1, 4.2, 7.9, 8.8], "roe_series": [-3.8, 0.8, 0.8, 16.3, 16.2, 15.8], "period": "20260630", "rev_ttm": 87.4, "np_ttm": 7.3, "ocf_ttm": 8.4, "fcf_ttm": 4.3, "fcf_yield": 3.9, "ocf_yield": 7.6, "gm_median": 23.3, "gm_std": 9.0, "gm_stab": 0.61, "gm_chg_2022": -9.8, "npm_median": 9.0, "roe_median": 15.8, "commodity": false, "hard_ratio": 23.5, "fix_assets": 25.2, "goodwill_ratio": 0.1, "pb_calc": 1.88, "capex_dep": 0.73, "interest_debt": 1.8, "debt_ebitda": 0.1, "debt_ratio": 41.7, "debt_mv": 1.7, "payout": 29.9, "div_years": 3, "rev_cagr3": 275.7, "np_cagr3": 460.1, "rev_yoy": -6.4, "np_yoy": -38.0, "np_vol": 45.0, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 4, "fwd_pe": 14.2, "fwd_pe2": 12.0, "fwd_g1": 7.0, "fwd_g2": 18.0, "peg": 0.79, "consensus_disp": null, "mainbz": [["产品", 49.0], ["汽车内饰件", 29.0], ["汽车外饰件", 12.0], ["发动机轻量化部件", 2.0]], "ret_prev_year": 57.3, "ret_prev2_year": 6.3, "ret_ytd": -47.6, "ret_pivot": 21.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": -13.8, "ret_120": -39.6, "ret_250": -29.8, "mdd_250": -58.0, "vol_250": 51.7, "pos_52w": 43.1}, "S": {"duration": 31, "pricing": 37, "hard": 38, "bondness": 25}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 15.1 倍、股息率 2.4%、毛利率近 5 年中位 23.3%、固定资产占比 24%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 24%,毛利率近 5 年中位 23.3%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.9%(经营现金流/市值 7.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.3%,稳定度 61%,2020→2022 成本通胀期毛利率变化 -9.8 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 24%,资本开支/折旧 0.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -30%,最大回撤 -58%,年化波动 52%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 -6% / -14% / -40%。", "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%。", "航天智造:PE 比行业中位低 15.1倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 1.9个百分点;固定资产占比 比行业中位低 2.0个百分点。"]}}