{"F": {"ts_code": "300900.SZ", "name": "广联航空", "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": "创业板", "list_date": "20201029", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.71, "pe_ttm": null, "pb": 3.9989, "dv_ttm": null, "total_mv": 777025.0684, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.5, 43.6, 53.2, 42.5, 28.9, 17.4], "rev_series": [3.1, 2.4, 6.6, 7.4, 10.5, 10.1], "np_series": [1.0, 0.4, 1.5, 1.0, -0.5, -1.0], "roe_series": [9.7, 2.5, 9.6, 6.7, -3.3, -7.6], "period": "20260630", "rev_ttm": 10.8, "np_ttm": -1.4, "ocf_ttm": 0.5, "fcf_ttm": -0.5, "fcf_yield": -0.6, "ocf_yield": 0.7, "gm_median": 42.5, "gm_std": 12.5, "gm_stab": 0.71, "gm_chg_2022": -1.2, "npm_median": 13.7, "roe_median": 2.5, "commodity": false, "hard_ratio": 41.6, "fix_assets": 21.8, "goodwill_ratio": 5.7, "pb_calc": 4.0, "capex_dep": 0.44, "interest_debt": 20.4, "debt_ebitda": 11.0, "debt_ratio": 58.0, "debt_mv": 26.2, "payout": 20.0, "div_years": 2, "rev_cagr3": 15.1, "np_cagr3": null, "rev_yoy": 11.8, "np_yoy": -68.5, "np_vol": 156.1, "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": [["产品", 50.0], ["航空航天零部件及无人机", 30.0], ["航空工装", 16.0], ["航空辅助工具及其他", 4.0]], "ret_prev_year": 77.6, "ret_prev2_year": 25.3, "ret_ytd": -39.3, "ret_pivot": 60.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.4, "ret_60": -27.1, "ret_120": -37.8, "ret_250": 8.8, "mdd_250": -60.0, "vol_250": 79.2, "pos_52w": 47.0}, "S": {"duration": 100, "pricing": 53, "hard": 67, "bondness": 27}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.4 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 58%,有息负债 20 亿,经营现金流/市值 0.7%: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": "只占硬资产一条(占比 42%),没有定价权:毛利率近 5 年中位 42.5%,稳定度 71%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -0.6%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.5%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -1.2 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 42%,资本开支/折旧 0.44 倍。涨。"], ["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 9%,最大回撤 -60%,年化波动 79%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -5% / -27% / -38%。", "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%。", "广联航空:PE ;股息率 ;毛利率 比行业中位高 10.5个百分点;固定资产占比 比行业中位高 21.0个百分点。"]}}