{"F": {"ts_code": "300455.SZ", "name": "航天智装", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20150515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.53, "pe_ttm": null, "pb": 7.5372, "dv_ttm": null, "total_mv": 1258247.304, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.9, 24.1, 20.0, 20.7, 23.9, 7.5], "rev_series": [11.4, 12.9, 13.5, 14.1, 13.3, 11.1], "np_series": [1.5, 1.1, 0.9, 0.9, 0.7, -1.8], "roe_series": [10.3, 7.1, 5.2, 5.2, 3.9, -10.2], "period": "20260630", "rev_ttm": 9.9, "np_ttm": -0.2, "ocf_ttm": 1.6, "fcf_ttm": 1.5, "fcf_yield": 1.2, "ocf_yield": 1.3, "gm_median": 20.7, "gm_std": 6.1, "gm_stab": 0.71, "gm_chg_2022": -8.9, "npm_median": 6.4, "roe_median": 5.2, "commodity": false, "hard_ratio": 7.3, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 7.54, "capex_dep": 0.64, "interest_debt": 2.7, "debt_ebitda": 9.6, "debt_ratio": 39.5, "debt_mv": 2.2, "payout": 13.5, "div_years": 4, "rev_cagr3": -6.1, "np_cagr3": null, "rev_yoy": -25.7, "np_yoy": 101.7, "np_vol": 134.9, "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": [["智能测试仿真系统和微系统与控制部组件", 52.0], ["铁路车辆运行安全检测及检修系统", 22.0], ["核工业及特殊环境智能装备系统", 22.0], ["其他业务", 5.0]], "ret_prev_year": 132.1, "ret_prev2_year": 8.7, "ret_ytd": -41.6, "ret_pivot": 73.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.1, "ret_60": -20.7, "ret_120": -27.4, "ret_250": -7.6, "mdd_250": -58.2, "vol_250": 68.4, "pos_52w": 43.7}, "S": {"duration": 100, "pricing": 39, "hard": 12, "bondness": 40}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 40%,有息负债 3 亿,经营现金流/市值 1.3%: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 7%,毛利率近 5 年中位 20.7%。", "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 1.2%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -8.9 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 7%,资本开支/折旧 0.64 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 -8%,最大回撤 -58%,年化波动 68%,现价在 52 周高点的 44%;近 20 / 60 / 120 日 -10% / -21% / -27%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "航天智装:PE ;股息率 ;毛利率 比行业中位低 15.1个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}