{"F": {"ts_code": "301586.SZ", "name": "佳力奇", "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": "20240828", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.85, "pe_ttm": 811.385, "pb": 2.0182, "dv_ttm": 0.3241, "total_mv": 255979.4175, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.2, 46.9, 43.3, 32.8, 28.3, 18.1], "rev_series": [2.3, 4.3, 5.9, 4.6, 6.3, 7.6], "np_series": [0.5, 1.3, 1.5, 1.0, 1.0, 0.6], "roe_series": [27.4, 30.4, 22.6, 13.0, 9.6, 4.5], "period": "20260630", "rev_ttm": 4.6, "np_ttm": 0.0, "ocf_ttm": 3.2, "fcf_ttm": 2.9, "fcf_yield": 11.2, "ocf_yield": 12.6, "gm_median": 32.8, "gm_std": 10.4, "gm_stab": 0.68, "gm_chg_2022": -8.9, "npm_median": 22.1, "roe_median": 13.0, "commodity": false, "hard_ratio": 25.6, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 2.02, "capex_dep": 0.71, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 17.3, "debt_mv": 0.2, "payout": 23.8, "div_years": 2, "rev_cagr3": 8.9, "np_cagr3": -27.5, "rev_yoy": -70.2, "np_yoy": -143.6, "np_vol": 64.3, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.1, "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], ["飞机复材零部件", 46.0], ["制造及技术服务", 4.0], ["其他业务", 0.0]], "ret_prev_year": -11.4, "ret_prev2_year": null, "ret_ytd": -38.4, "ret_pivot": -13.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.8, "ret_60": -10.5, "ret_120": -33.4, "ret_250": -46.3, "mdd_250": -51.0, "vol_250": 34.3, "pos_52w": 53.5}, "S": {"duration": 100, "pricing": 44, "hard": 41, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 811.4 倍、股息率 0.3%、毛利率近 5 年中位 32.8%、固定资产占比 26%、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 26%,毛利率近 5 年中位 32.8%。", "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 11.2%(经营现金流/市值 12.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.8%,稳定度 68%,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 26%,资本开支/折旧 0.71 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 811.4 倍 粗算,约 99%(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 -46%,最大回撤 -51%,年化波动 34%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -2% / -10% / -33%。", "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%。", "佳力奇:PE 比行业中位高 737.5倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 0.8个百分点;固定资产占比 比行业中位高 5.0个百分点。"]}}