{"F": {"ts_code": "600501.SH", "name": "航天晨光", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20010615", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.07, "pe_ttm": null, "pb": 4.245, "dv_ttm": null, "total_mv": 644731.0694, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.5, 16.5, 16.0, 16.7, 4.5, 7.1], "rev_series": [37.0, 40.8, 41.5, 38.2, 24.2, 21.5], "np_series": [0.4, 0.7, 0.8, 0.7, -3.8, -2.2], "roe_series": [2.1, 3.1, 3.4, 3.2, -18.5, -12.9], "period": "20260630", "rev_ttm": 24.1, "np_ttm": -1.7, "ocf_ttm": 1.5, "fcf_ttm": 1.2, "fcf_yield": 1.9, "ocf_yield": 2.3, "gm_median": 16.0, "gm_std": 5.3, "gm_stab": 0.67, "gm_chg_2022": -3.6, "npm_median": 1.9, "roe_median": 3.1, "commodity": false, "hard_ratio": 22.2, "fix_assets": 9.8, "goodwill_ratio": 0.0, "pb_calc": 4.24, "capex_dep": 0.26, "interest_debt": 7.8, "debt_ebitda": null, "debt_ratio": 62.3, "debt_mv": 12.1, "payout": 70.6, "div_years": 2, "rev_cagr3": -19.6, "np_cagr3": null, "rev_yoy": 35.8, "np_yoy": 53.1, "np_vol": 261.6, "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": [["柔性管件产业", 20.0], ["柔性管件", 20.0], ["压力容器类产品", 13.0], ["压力容器产业", 13.0]], "ret_prev_year": 66.1, "ret_prev2_year": 33.2, "ret_ytd": -50.0, "ret_pivot": -1.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": -12.6, "ret_120": -37.7, "ret_250": -41.1, "mdd_250": -66.7, "vol_250": 50.3, "pos_52w": 39.1}, "S": {"duration": 100, "pricing": 36, "hard": 36, "bondness": 48}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 62%,有息负债 8 亿,经营现金流/市值 2.3%: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 22%,毛利率近 5 年中位 16.0%。", "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 1.9%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.0%,稳定度 67%,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 22%,资本开支/折旧 0.26 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 -41%,最大回撤 -67%,年化波动 50%,现价在 52 周高点的 39%;近 20 / 60 / 120 日 2% / -13% / -38%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "航天晨光:PE ;股息率 ;毛利率 比行业中位低 10.3个百分点;固定资产占比 比行业中位高 4.2个百分点。"]}}