{"F": {"ts_code": "603261.SH", "name": "立航科技", "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": "20220315", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.72, "pe_ttm": null, "pb": 9.1329, "dv_ttm": null, "total_mv": 447358.86, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.4, 48.6, 42.3, 13.8, 6.2, -24.1], "rev_series": [2.9, 3.1, 3.7, 2.3, 2.9, 3.4], "np_series": [0.7, 0.7, 0.4, -0.7, -0.9, -2.1], "roe_series": [16.7, 14.3, 5.0, -8.1, -12.2, -33.8], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -1.9, "ocf_ttm": -0.5, "fcf_ttm": -0.6, "fcf_yield": -1.3, "ocf_yield": -1.2, "gm_median": 13.8, "gm_std": 26.3, "gm_stab": -0.9, "gm_chg_2022": -7.1, "npm_median": -29.1, "roe_median": -8.1, "commodity": false, "hard_ratio": 27.7, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 9.13, "capex_dep": 0.19, "interest_debt": 1.4, "debt_ebitda": null, "debt_ratio": 45.6, "debt_mv": 3.0, "payout": null, "div_years": 2, "rev_cagr3": -2.3, "np_cagr3": null, "rev_yoy": 117.9, "np_yoy": 48.8, "np_vol": 104.8, "loss_years": 3, "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", 35.0], ["飞机工艺装备开发制造", 14.0], ["智能工艺装备", 14.0], ["飞机零件加工", 12.0]], "ret_prev_year": -13.1, "ret_prev2_year": -18.5, "ret_ytd": 139.0, "ret_pivot": 136.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 17.5, "ret_60": 70.8, "ret_120": 76.9, "ret_250": 166.4, "mdd_250": -28.0, "vol_250": 54.5, "pos_52w": 98.3}, "S": {"duration": 100, "pricing": 11, "hard": 44, "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 -1.9 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 46%,有息负债 1 亿,经营现金流/市值 -1.2%: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 28%,毛利率近 5 年中位 13.8%。", "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 -1.3%(经营现金流/市值 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.8%,稳定度 -90%,2020→2022 成本通胀期毛利率变化 -7.1 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 28%,资本开支/折旧 0.19 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 166%,最大回撤 -28%,年化波动 54%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 18% / 71% / 77%。", "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%。", "立航科技:PE ;股息率 ;毛利率 比行业中位低 18.2个百分点;固定资产占比 比行业中位高 7.1个百分点。"]}}