{"F": {"ts_code": "600372.SH", "name": "中航机载", "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": "主板", "list_date": "20010706", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.45, "pe_ttm": 53.6026, "pb": 1.4523, "dv_ttm": 0.5914, "total_mv": 5540536.607, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.4, 29.1, 31.5, 29.7, 28.2, 28.7], "rev_series": [87.5, 98.4, 111.9, 290.1, 238.8, 242.1], "np_series": [6.3, 8.0, 8.7, 18.9, 10.4, 10.7], "roe_series": [6.8, 7.3, 7.4, 7.8, 2.8, 2.8], "period": "20260630", "rev_ttm": 240.0, "np_ttm": 10.3, "ocf_ttm": -8.3, "fcf_ttm": -30.9, "fcf_yield": -5.6, "ocf_yield": -1.5, "gm_median": 29.1, "gm_std": 1.2, "gm_stab": 0.96, "gm_chg_2022": 2.2, "npm_median": 7.4, "roe_median": 7.3, "commodity": false, "hard_ratio": 16.7, "fix_assets": 135.6, "goodwill_ratio": 0.0, "pb_calc": 1.45, "capex_dep": 1.66, "interest_debt": 145.9, "debt_ebitda": 4.7, "debt_ratio": 50.6, "debt_mv": 26.3, "payout": 32.5, "div_years": 4, "rev_cagr3": 29.4, "np_cagr3": 7.0, "rev_yoy": -1.9, "np_yoy": -5.3, "np_vol": 28.8, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 10, "fwd_pe": 46.2, "fwd_pe2": 39.1, "fwd_g1": 16.0, "fwd_g2": 18.0, "peg": 2.57, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 9.7, "ret_prev2_year": -5.6, "ret_ytd": -14.4, "ret_pivot": 9.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": 6.7, "ret_120": -19.1, "ret_250": -9.5, "mdd_250": -36.1, "vol_250": 33.9, "pos_52w": 69.4}, "S": {"duration": 74, "pricing": 57, "hard": 27, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 53.6 倍、股息率 0.6%、毛利率近 5 年中位 29.1%、固定资产占比 17%、有息负债/EBITDA 4.7 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 17%,毛利率近 5 年中位 29.1%。", "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 -5.6%(经营现金流/市值 -1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.2 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 17%,资本开支/折旧 1.66 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 53.6 倍 粗算,约 91%(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 -10%,最大回撤 -36%,年化波动 34%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 1% / 7% / -19%。", "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%。", "中航机载:PE 比行业中位低 20.3倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位低 3.9个百分点。"]}}