{"F": {"ts_code": "688237.SH", "name": "超卓航科", "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": "科创板", "list_date": "20220701", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 57.26, "pe_ttm": 325.9968, "pb": 4.2173, "dv_ttm": 0.5854, "total_mv": 513519.132, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [66.2, 67.0, 53.2, 32.0, 25.3, 22.9], "rev_series": [1.2, 1.4, 1.4, 2.7, 4.0, 3.9], "np_series": [0.6, 0.7, 0.6, -0.4, 0.1, 0.1], "roe_series": [28.8, 18.2, 6.9, -2.7, 1.0, 1.0], "period": "20260630", "rev_ttm": 4.1, "np_ttm": 0.2, "ocf_ttm": 0.4, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 0.7, "gm_median": 32.0, "gm_std": 17.2, "gm_stab": 0.46, "gm_chg_2022": -12.9, "npm_median": 3.3, "roe_median": 1.0, "commodity": false, "hard_ratio": 23.9, "fix_assets": 3.7, "goodwill_ratio": 7.6, "pb_calc": 4.22, "capex_dep": 0.92, "interest_debt": 0.5, "debt_ebitda": 1.0, "debt_ratio": 21.2, "debt_mv": 1.0, "payout": 234.8, "div_years": 3, "rev_cagr3": 40.7, "np_cagr3": -40.2, "rev_yoy": 11.6, "np_yoy": 70.6, "np_vol": 94.3, "loss_years": 1, "far_share": 98.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["新能源汽车零部件制造", 15.0], ["板带成型加工精密设备及零件制造", 11.0], ["工业母机及其零部件制造", 11.0]], "ret_prev_year": 121.2, "ret_prev2_year": -40.5, "ret_ytd": 18.3, "ret_pivot": 281.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.6, "ret_60": 23.3, "ret_120": 19.1, "ret_250": 61.6, "mdd_250": -28.4, "vol_250": 56.9, "pos_52w": 80.4}, "S": {"duration": 100, "pricing": 36, "hard": 38, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 326.0 倍、股息率 0.6%、毛利率近 5 年中位 32.0%、固定资产占比 24%、有息负债/EBITDA 1.0 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 24%,毛利率近 5 年中位 32.0%。", "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 0.2%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.0%,稳定度 46%,2020→2022 成本通胀期毛利率变化 -12.9 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 24%,资本开支/折旧 0.92 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 326.0 倍 粗算,约 98%(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 62%,最大回撤 -28%,年化波动 57%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -7% / 23% / 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%。", "超卓航科:PE 比行业中位高 252.1倍;股息率 比行业中位高 0.1个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位高 3.3个百分点。"]}}