{"F": {"ts_code": "688239.SH", "name": "航宇科技", "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": "科创板", "list_date": "20210705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 54.68, "pe_ttm": 49.0614, "pb": 4.6579, "dv_ttm": 0.2734, "total_mv": 1043911.4747, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.8, 32.6, 32.1, 27.2, 28.0, 27.5], "rev_series": [6.7, 9.6, 14.5, 21.0, 18.1, 20.3], "np_series": [0.7, 1.4, 1.8, 1.9, 1.9, 1.9], "roe_series": [14.1, 17.4, 16.0, 12.7, 10.7, 9.7], "period": "20260630", "rev_ttm": 23.2, "np_ttm": 2.1, "ocf_ttm": 4.3, "fcf_ttm": 1.4, "fcf_yield": 1.3, "ocf_yield": 4.2, "gm_median": 28.0, "gm_std": 2.4, "gm_stab": 0.92, "gm_chg_2022": 3.3, "npm_median": 10.3, "roe_median": 12.7, "commodity": false, "hard_ratio": 25.7, "fix_assets": 14.4, "goodwill_ratio": 0.2, "pb_calc": 4.69, "capex_dep": 4.11, "interest_debt": 16.1, "debt_ebitda": 4.3, "debt_ratio": 59.7, "debt_mv": 15.4, "payout": 33.8, "div_years": 4, "rev_cagr3": 11.8, "np_cagr3": 0.5, "rev_yoy": 30.9, "np_yoy": 29.7, "np_vol": 35.3, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["航空锻件", 35.0], ["燃气轮机锻件", 9.0], ["其他锻件", 4.0]], "ret_prev_year": 138.0, "ret_prev2_year": -21.8, "ret_ytd": -19.0, "ret_pivot": 167.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.9, "ret_60": -0.1, "ret_120": -10.7, "ret_250": 43.1, "mdd_250": -48.8, "vol_250": 67.4, "pos_52w": 70.3}, "S": {"duration": 71, "pricing": 56, "hard": 41, "bondness": 35}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 49.1 倍、股息率 0.3%、毛利率近 5 年中位 28.0%、固定资产占比 26%、有息负债/EBITDA 4.3 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 26%,毛利率近 5 年中位 28.0%。", "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 1.3%(经营现金流/市值 4.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.0%,稳定度 92%,2020→2022 成本通胀期毛利率变化 3.3 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 26%,资本开支/折旧 4.11 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 49.1 倍 粗算,约 90%(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 43%,最大回撤 -49%,年化波动 67%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 19% / -0% / -11%。", "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%。", "航宇科技:PE 比行业中位低 24.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位高 5.1个百分点。"]}}