{"F": {"ts_code": "688708.SH", "name": "佳驰科技", "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": "20241205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 40.59, "pe_ttm": 41.2509, "pb": 4.7931, "dv_ttm": 1.2304, "total_mv": 1625538.9843, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [79.5, 82.6, 82.1, 76.9, 76.8, 66.7], "rev_series": [null, null, 7.7, 9.8, 9.6, 11.1], "np_series": [null, null, 4.8, 5.6, 5.2, 4.4], "roe_series": [35.8, 29.4, 53.4, 40.0, 21.1, 13.1], "period": "20260630", "rev_ttm": 10.9, "np_ttm": 3.9, "ocf_ttm": -1.9, "fcf_ttm": -3.0, "fcf_yield": -1.8, "ocf_yield": -1.2, "gm_median": 76.9, "gm_std": 5.7, "gm_stab": 0.93, "gm_chg_2022": 2.6, "npm_median": 54.1, "roe_median": 29.4, "commodity": false, "hard_ratio": 12.2, "fix_assets": 4.7, "goodwill_ratio": 0.0, "pb_calc": 4.79, "capex_dep": 1.49, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 12.4, "debt_mv": 0.0, "payout": 36.8, "div_years": 2, "rev_cagr3": 12.9, "np_cagr3": -3.1, "rev_yoy": -6.5, "np_yoy": -40.9, "np_vol": 75.5, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 1, "fwd_pe": 41.4, "fwd_pe2": 32.2, "fwd_g1": -0.0, "fwd_g2": 29.0, "peg": 1.43, "consensus_disp": null, "mainbz": [["产品", 33.0], ["隐身功能结构件", 17.0], ["电磁功能结构件", 17.0], ["隐身功能涂层材料", 15.0]], "ret_prev_year": 2.2, "ret_prev2_year": null, "ret_ytd": -34.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.6, "ret_60": -12.2, "ret_120": -28.2, "ret_250": -50.0, "mdd_250": -52.9, "vol_250": 43.5, "pos_52w": 48.3}, "S": {"duration": 64, "pricing": 80, "hard": 20, "bondness": 27}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.3 倍、股息率 1.2%、毛利率近 5 年中位 76.9%、固定资产占比 12%、有息负债/EBITDA 0.0 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 76.9%),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 -1.8%(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 76.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 2.6 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 1.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.3 倍 粗算,约 88%(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 -50%,最大回撤 -53%,年化波动 44%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -13% / -12% / -28%。", "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%。", "佳驰科技:PE 比行业中位低 32.6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 44.9个百分点;固定资产占比 比行业中位低 8.4个百分点。"]}}