{"F": {"ts_code": "600862.SH", "name": "中航高科", "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": "19940520", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.57, "pe_ttm": 29.9124, "pb": 3.3113, "dv_ttm": 1.1975, "total_mv": 2586892.1787, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.0, 30.1, 30.9, 36.7, 38.8, 37.6], "rev_series": [29.1, 38.1, 44.5, 47.8, 50.7, 50.1], "np_series": [4.3, 5.9, 7.7, 10.3, 11.5, 10.3], "roe_series": [10.1, 12.8, 14.9, 17.7, 17.3, 14.0], "period": "20260630", "rev_ttm": 46.2, "np_ttm": 8.6, "ocf_ttm": 16.7, "fcf_ttm": 13.9, "fcf_yield": 5.4, "ocf_yield": 6.5, "gm_median": 36.7, "gm_std": 3.6, "gm_stab": 0.9, "gm_chg_2022": 0.9, "npm_median": 20.6, "roe_median": 14.9, "commodity": false, "hard_ratio": 12.2, "fix_assets": 13.6, "goodwill_ratio": 0.0, "pb_calc": 3.31, "capex_dep": 1.95, "interest_debt": 1.1, "debt_ebitda": 0.1, "debt_ratio": 26.0, "debt_mv": 0.4, "payout": 30.1, "div_years": 5, "rev_cagr3": 4.0, "np_cagr3": 10.4, "rev_yoy": -14.0, "np_yoy": -27.4, "np_vol": 17.9, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 12, "fwd_pe": 25.7, "fwd_pe2": 22.5, "fwd_g1": 16.0, "fwd_g2": 14.0, "peg": 1.84, "consensus_disp": null, "mainbz": [["产品", 33.0], ["航空航天新材料及零部件", 33.0], ["航空新材料", 33.0], ["租赁业务", 0.0]], "ret_prev_year": -5.6, "ret_prev2_year": 15.5, "ret_ytd": -20.7, "ret_pivot": 8.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.0, "ret_60": 9.7, "ret_120": -23.6, "ret_250": -28.3, "mdd_250": -38.9, "vol_250": 34.1, "pos_52w": 67.1}, "S": {"duration": 53, "pricing": 58, "hard": 20, "bondness": 34}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.9 倍、股息率 1.2%、毛利率近 5 年中位 36.7%、固定资产占比 12%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 36.7%),硬资产占比 12%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 5.4%(经营现金流/市值 6.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.7%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%,资本开支/折旧 1.95 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.9 倍 粗算,约 83%(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 -28%,最大回撤 -39%,年化波动 34%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 2% / 10% / -24%。", "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%。", "中航高科:PE 比行业中位低 44.0倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 4.7个百分点;固定资产占比 比行业中位低 8.4个百分点。"]}}