{"F": {"ts_code": "688510.SH", "name": "航亚科技", "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": "20201216", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.16, "pe_ttm": 73.8913, "pb": 5.5943, "dv_ttm": 0.7633, "total_mv": 679957.5216, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.6, 31.7, 29.7, 36.0, 38.5, 37.2], "rev_series": [3.0, 3.1, 3.6, 5.4, 7.0, 7.0], "np_series": [0.6, 0.2, 0.2, 0.9, 1.3, 1.0], "roe_series": [8.9, 2.6, 2.1, 9.0, 11.6, 8.7], "period": "20260630", "rev_ttm": 7.0, "np_ttm": 0.9, "ocf_ttm": 2.2, "fcf_ttm": 0.5, "fcf_yield": 0.7, "ocf_yield": 3.2, "gm_median": 36.0, "gm_std": 3.4, "gm_stab": 0.91, "gm_chg_2022": -15.9, "npm_median": 14.7, "roe_median": 8.7, "commodity": false, "hard_ratio": 47.2, "fix_assets": 9.3, "goodwill_ratio": 0.0, "pb_calc": 5.59, "capex_dep": 1.8, "interest_debt": 2.4, "debt_ebitda": 1.1, "debt_ratio": 35.9, "debt_mv": 3.5, "payout": 51.3, "div_years": 4, "rev_cagr3": 24.3, "np_cagr3": 71.9, "rev_yoy": 1.1, "np_yoy": -16.2, "np_vol": 148.9, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 9, "fwd_pe": 42.4, "fwd_pe2": 30.8, "fwd_g1": 74.0, "fwd_g2": 38.0, "peg": 1.12, "consensus_disp": null, "mainbz": [["航空产品", 89.0], ["医疗产品", 10.0], ["其他业务", 2.0]], "ret_prev_year": 56.9, "ret_prev2_year": 0.0, "ret_ytd": -2.0, "ret_pivot": 106.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 18.4, "ret_60": 2.6, "ret_120": -27.1, "ret_250": 3.4, "mdd_250": -58.1, "vol_250": 59.4, "pos_52w": 55.0}, "S": {"duration": 84, "pricing": 54, "hard": 76, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE 73.9 倍、股息率 0.8%、毛利率近 5 年中位 36.0%、固定资产占比 47%、有息负债/EBITDA 1.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 47%、毛利率 36.0% 两条都占,但所在行业(国防军工)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 0.7%(经营现金流/市值 3.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.0%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -15.9 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 47%,资本开支/折旧 1.80 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 73.9 倍 粗算,约 93%(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 3%,最大回撤 -58%,年化波动 59%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 18% / 3% / -27%。", "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%。", "航亚科技:PE 与行业中位持平;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 4.0个百分点;固定资产占比 比行业中位高 26.6个百分点。"]}}