{"F": {"ts_code": "302132.SZ", "name": "中航成飞", "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": "20100827", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 63.3, "pe_ttm": 52.3901, "pb": 8.0961, "dv_ttm": 0.6098, "total_mv": 16914338.562, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.9, 37.3, 36.2, 32.5, 34.5, 8.5], "rev_series": [17.6, 19.4, 19.1, 16.8, 17.8, 753.6], "np_series": [2.6, 3.1, 1.9, 1.0, 1.1, 34.3], "roe_series": [15.0, 15.2, 8.7, 4.2, 4.6, 29.0], "period": "20260630", "rev_ttm": 698.2, "np_ttm": 32.3, "ocf_ttm": -21.2, "fcf_ttm": -41.8, "fcf_yield": -2.5, "ocf_yield": -1.3, "gm_median": 34.5, "gm_std": 10.8, "gm_stab": 0.69, "gm_chg_2022": -2.6, "npm_median": 6.4, "roe_median": 8.7, "commodity": false, "hard_ratio": 11.1, "fix_assets": 119.3, "goodwill_ratio": 0.0, "pb_calc": 8.1, "capex_dep": 1.43, "interest_debt": 80.5, "debt_ebitda": 1.2, "debt_ratio": 78.4, "debt_mv": 4.8, "payout": 43.0, "div_years": 4, "rev_cagr3": 240.7, "np_cagr3": 161.1, "rev_yoy": -26.7, "np_yoy": -22.3, "np_vol": 27.8, "loss_years": 0, "far_share": 90.0, "earn_yield": 1.9, "consensus_n": 2, "fwd_pe": 45.4, "fwd_pe2": 40.3, "fwd_g1": 15.0, "fwd_g2": 13.0, "peg": 3.49, "consensus_disp": null, "mainbz": [["航空产品", 90.0], ["其他主营业务", 5.0], ["其他", 5.0]], "ret_prev_year": 11.1, "ret_prev2_year": 65.6, "ret_ytd": -19.5, "ret_pivot": 63.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.1, "ret_60": 10.6, "ret_120": -12.7, "ret_250": -37.3, "mdd_250": -50.4, "vol_250": 39.3, "pos_52w": 59.8}, "S": {"duration": 73, "pricing": 47, "hard": 18, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 52.4 倍、股息率 0.6%、毛利率近 5 年中位 34.5%、固定资产占比 11%、有息负债/EBITDA 1.2 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 11%,毛利率近 5 年中位 34.5%。", "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 -2.5%(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 34.5%,稳定度 69%,2020→2022 成本通胀期毛利率变化 -2.6 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 11%,资本开支/折旧 1.43 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.4 倍 粗算,约 90%(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 -37%,最大回撤 -50%,年化波动 39%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 11% / 11% / -13%。", "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%。", "中航成飞:PE 比行业中位低 21.5倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位低 9.5个百分点。"]}}