{"F": {"ts_code": "600343.SH", "name": "航天动力", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20030408", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.24, "pe_ttm": null, "pb": 9.3903, "dv_ttm": null, "total_mv": 1164088.2912, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.2, 2.7, 14.6, 12.0, 4.6, 11.3], "rev_series": [12.5, 12.3, 12.8, 9.0, 9.3, 8.2], "np_series": [0.3, -2.6, -0.4, -2.0, -1.9, -1.9], "roe_series": [0.8, -10.0, -2.1, -11.2, -12.0, -14.0], "period": "20260630", "rev_ttm": 7.6, "np_ttm": -1.8, "ocf_ttm": -0.2, "fcf_ttm": -0.5, "fcf_yield": -0.4, "ocf_yield": -0.2, "gm_median": 11.3, "gm_std": 4.6, "gm_stab": 0.6, "gm_chg_2022": -3.6, "npm_median": -21.4, "roe_median": -11.2, "commodity": false, "hard_ratio": 25.5, "fix_assets": 7.6, "goodwill_ratio": 0.0, "pb_calc": 9.39, "capex_dep": 0.64, "interest_debt": 5.1, "debt_ebitda": null, "debt_ratio": 49.3, "debt_mv": 4.3, "payout": null, "div_years": 0, "rev_cagr3": -13.6, "np_cagr3": null, "rev_yoy": -20.0, "np_yoy": 22.2, "np_vol": 337.1, "loss_years": 5, "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], ["泵及泵系统", 18.0], ["电机", 15.0], ["液力变矩器", 12.0]], "ret_prev_year": 366.4, "ret_prev2_year": 7.7, "ret_ytd": -62.8, "ret_pivot": 123.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.1, "ret_60": -22.7, "ret_120": -43.6, "ret_250": 17.5, "mdd_250": -66.1, "vol_250": 72.4, "pos_52w": 36.8}, "S": {"duration": 100, "pricing": 31, "hard": 41, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.8 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 49%,有息负债 5 亿,经营现金流/市值 -0.2%: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 26%,毛利率近 5 年中位 11.3%。", "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 -0.4%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.3%,稳定度 60%,2020→2022 成本通胀期毛利率变化 -3.6 个百分点。不能。"], ["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 0.64 倍。有一些。"], ["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 18%,最大回撤 -66%,年化波动 72%,现价在 52 周高点的 37%;近 20 / 60 / 120 日 -10% / -23% / -44%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "航天动力:PE ;股息率 ;毛利率 比行业中位低 17.2个百分点;固定资产占比 比行业中位高 4.7个百分点。"]}}